Maxine Waters, a Democratic Congresswoman from the Los Angeles area, threatened oil executives Thursday that she would be "all about" nationalizing the oil industry if oil executives couldn't guarantee a drop in gas prices if Congress allowed for increased oil drilling on U.S. soil. As reported by WorldNetDaily, executives replied by "saying they've seen this before, in Hugo Chavez's Venezuela." 1 Even more ridiculous than the idea of confiscating private industries is that government could somehow run the oil industry better. Congress' ineptness at addressing and solving pressing problems like the looming insolvency of Social Security and Medicare and the massive budget and trade deficits (note that steroids in baseball is not mentioned here) should not give one confidence that they can somehow equip the federal government to run an industry as complex and advanced as the oil industry. If you need proof of this, ponder the Katrina recovery for a few minutes. In fact, confidence in the ability of Congress to do anything right is best reflected in their approval rating, which according to RealClearPolitics is currently around 19%. 2 In other words, only 19% of Americans think Congress is doing a good job! For all the media hoopla about how Bush's approval rating is so low, Congress' is still lower! There is a maxim I have heard that applies nicely here: there exists no mess that government cannot somehow make worse. Don't expect that if only our esteemed representatives could manage to get their muddy paws on the oil industry they could somehow solve all our energy problems. Considering the major problems we already have on which they have done absolutely nothing (like Social Security and Medicare), we should not place too much confidence in them. It is an eternal truth - and one our Founders believed in - that the government that governs best is that which governs least. In other words, we would all be better off if our government just kept its nose out of our business. If Congresswoman Waters wants to really make a difference, then she would advocate for the loosening of ridiculously burdensome regulations that prevent the construction of new refineries and the development of oil resources here in America.  

   The last thing we need is for our esteemed representatives to take over the oil industry. They already have control over our country and look how well that has worked out. 

   Check out the exchange between Congresswoman Waters and Shell Oil President John Hofmeister below: