Although in the short-term, we are still reliant on the environmentally destructive gas industry, in the long term, it must be eliminated. As Matt Bruenig from the People’s Policy Project has pointed out, it’s exactly industries like these that ought to be publicly owned and managed. The private market has already shown it can’t lead us towards decarbonization — and now, it can’t even guarantee a reliable supply. It’s time to renationalize energy.
The cost of renationalizing the energy industry is hardly a problem. Purchasing a profitable asset means that it will eventually pay for itself. The only real cost, therefore, would be the interest paid on the debt to purchase it, a fact that even critics of nationalization are willing to acknowledge. And considering fossil fuel subsidies already cost the government an absurd $11.6 billion last year, it’s not as if governments are unwilling to spend big to keep the industry afloat.
Politicians and energy companies say there’s a gas supply crisis, but huge price increases are caused by profiteering private corporations. It’s long past time to renationalize them.Australia’s Gas Crisis Proves It’s Time to Renationalize Energy