Writing on HuffPo today, Raymond J. Learsyargues that we need to create a National Oil Trust to oversee the drilling that President Obama today authorized.  Here is an excerpt:

We are at a crossroads for President Obama to seize the moment by establishing our own National Oil Trust. It could be modeled after our own experience with the TVA and that of the world's third largest energy exporter, Norway's National Oil Trust.

Norway's Oil Trust's stated objective is to contribute and create the greatest public value for Norwegian society from Norway's oil and gas deposits. Profits from the Norway's oil and gas operations accrue to the Norwegian Government's Pension Fund and is invested in conservative bonds and investments.

Were we to have a similar program, the trust could be mandated to direct its revenues toward developing alternative energy programs and to expand mass transportation, thereby becoming a cornerstone for energy independence and combating climate change.