Imagine if that 6% of the GDP fed back into social services, education, and other government programs that benefit people.

About 17% of the GDP is paid to the federal government in taxes. Nationalizing oil production is equivalent to lowering the effective federal tax rate by 35%.

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mothballed 3 days ago | parent | next [-]

Nationalizing oil has been tried quite a few places with wildly variable results. In the worst case, you get Venezuela, in the best you get something like UAE where the citizens basically only have jobs if they get bored or want to play police to lord over the foreigners.

	▲	dylan604 3 days ago \| parent [-]
		What about Alaska? https://en.wikipedia.org/wiki/Alaska_Permanent_Fund

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oklahomasports 3 days ago | parent | prev [-]

6% of gdp does not mean profit