Climate and Capitalism says “Nationalize big oil, enemy of people and planet” but that won’t necessarily solve the problem.
The biggest oil entities on the planet already are nationalized. Companies like Exxon-Mobil, are smallish in comparison.
Ranked on the basis of oil and gas reserve holdings, 14 of the top 20 upstream oil and gas companies in the world are national oil companies or newly privatized national oil companies. State monopolies represent the top 10 reserve holders internationally.
Of the top 20 oil and gas producers worldwide, 14 are national oil companies or newly privatized national oil companies,
So, nationalization in and of itself doesn’t appear to solve the problem of rising prices. A national oil company may offer low subsidized prices to the populace, but that money has to come from somewhere. The real driver of high gas prices is increased demand. So, we need better, more efficient ways to use oil as well as lots of renewable energy sources. That’s what will cut demand.