The Death of the Fossil Fuel Industry Could Be Disastrous for Workers. Now’s the Time to Nationalise It
With so many firms already begging for bailouts, governments could simply demand equity in exchange for aid, making full use of the powers that the Obama administration wilfully abandoned when it bailed out the auto industry in 2009. Especially for the US, even buying up a 51% stake in the country’s largest coal, oil and gas producers, as suggested by researchers at the Democracy Collaborative, would be relatively cheap; the total market capitalisation of ExxonMobil yesterday was just $173bn. BP was worth just $73bn.