Congresswoman threatens to nationalize oil industry

In a grilling of oil executives by a House panel yesterday, Rep. Maxine Waters, D-Calif., threatened to nationalize the industry if it didn't do something about the rising prices at the pump.

A report by Fox News, captured in a clip posted on YouTube.com, showed Waters challenging the president of Shell Oil, John Hofmeister, to guarantee the prices consumers pay will go down if the oil companies are allowed to drill wherever they want off of U.S. shores.

Hofmeister replied: "I can guarantee to the American people, because of the inaction of the United States Congress, ever-increasing prices unless the demand comes down."

The Shell exec said paying $5 at the pump "will look like a very low price in the years to come if we are prohibited from finding new reserves, new opportunities to increase supplies."

(Story continues below)

Waters responded, in part, "And guess what this liberal would be all about. This liberal will be about socializing … uh, um. …"

The congresswoman paused to collect her thoughts.

"Would be about, basically, taking over, and the government running all of your companies. …"

The oil executives responded, according to Fox News, by saying they've seen this before, in Hugo Chavez's Venezuela.

Related offers:

Oil does not come from dinosaurs

'I'm pro-choice – on light bulbs' – Bumper sticker sends Congress message over its banning Edison's invention

Proof Al Gore full of hot air on 'global warming'

Previous stories:

National news media burying amazing oil breakthrough?

Billions of gallons of oil in North Dakota, Montana

Anything that grows 'can convert into oil'

New data: Maybe oil isn't from dead dinos

Discovery backs theory oil not 'fossil fuel'

Brazil reports massive oil discovery

$1 billion a day for foreign oil

Massive oil field found under Gulf'

'Black Gold' strikes Big Oil 'nerve'

'Hundreds of years' of oil available

Forget everything you know about oil

Can water fuel world?

Cars run on water: Miracle or scam?