Oliver Stone: America Should Nationalize Oil Reserves After BP Spill


Wall Street’s favourite movie director (he created Gordan Gekko) is actually a flaming liberal.

Oliver Stone said today America should nationalize its oil reserves — following suit with Hugo Chavez, Colonel Qaddafi, and the rest of OPEC:

(AP) The Academy Award-winning director of “Born on the Fourth of July” and “JFK” said that America’s country’s natural wealth was too important to be left in private hands, telling journalists in central London that oil and other natural resources “belong to the people.”

“This BP oil spill is typical” of what happens when private industry is allowed to draw revenue on what should be a public good, Stone said.

“We shouldn’t make this kind of profit on oil or on health or on war or on prisons. All these industries should be public industries.”

Right now America’s sits at the other end of the spectrum, with extremely low tax rates on oil and gas projects.

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