On the topic of nationalizing America's domestic oil production:

[brentspeak]

1) How possible is it to do such a thing? Can a president actually sign into law allowing nationalization of domestic oil sites?

2) To what degree do oil companies actually "own" American oil sites? Weren't many of these sites once public land?

3) Wouldn't a platform calling for nationalization of America's energy resources be a winning platform for the Democrats? Who among the American population -- other than oil executives and their cronies -- would dislike the idea of reduced corruption in Congress and lower gas prices at the pumps?

[bluestateguy]

1. Sure it could be done

But it would have to be done under due process of law, and like it or not, the 14th Amendment to the Constitution treats those oil companies as "persons" with all of the same rights as a person.

One way it could be done, and pass constitutional scrutiny, would be for the government to buy out the major oil industries one by one. Many people on the Left would not like this idea because the oil company executives and major shareholders would make a shitload of money, but it might achieve many of the goals of nationalization in the long-run.

I've thought about this same approach as far as health insurance goes in the US too. A buyout might be the only way to shut down the health insurance companies and the HMO's and replace them with a single payer Canadian style system. The tradeoff, though, would be having to stomach all of those insurance executives getting very, very rich, in exchange for them shutting down their industries.

[TahitiNut]

2. As far as I'm concerned, the nationalization of subsidized companies ...

... like airlines or natural resource extraction (oil and gas) should be done by eminent domain and 'compensation' of owners according to the net book value of the company (tangible assets less liabilities). The notion that some Greater Fool stock 'value' based on the last trade between and Idiot and a Bigger Idiot should be the basis for compensation is total bullshit. Book value is the way they report value for all state and federal (i.e. public) purposes - so let them eat it.

[DURHAM D]

3. So, I own some acerage in Kansas. Over 60 years ago my very

wise grandfather signed a lease agreement with a company that allowed them to create a road through his wheat fields and drill for oil. Instead of taking a one time payment or yearly payment from the oil company he retained a 1/8 interest in the oil wells. To this day I (and my siblings) receive a monthly check for our ownership share of those still pumping wells.

This is just a reminder that farmers and ranchers are in the middle of this discussion. The people with the really hugh profits are the producers and refiners.