Fossil fuel wind-down
You know the ground has shifted when nationalization of the oil industry is considered “a moderate proposal” as The New Republic put it. The market has already written down the oil majors as growth stocks and values them mostly as cash cows. The government could snap up the four biggest U.S. oil producers for just over $300 billion, as The Atlantic’s Annie Lowrey points out.
The Democracy Collaborative’s Carla Skandier suggests a “51 Percent Solution for the Climate Crisis.” With a majority stake in privately owned fossil fuel firms, the public could vote in boards that oversee the winding down of production while giving 1.6 million oil and gas workers a path to new opportunities, rather than mass unemployment in a crashed economy.