The government is not more effective or effecient at running oil businesses than are corporations.
The people of Norway disagree with you on this. Perhaps the problem is that Americans are not Norwegians.
People who do not want to be involved in the oil business do not have to buy into the corporation , people who do want to be involved can buy shares , corporations are closer to the people than are governments.
No, they are not.When there is an election in a corporation, it is like a Soviet election: approve our candidates or reject them: there are seldom two slates of candidates from which to choose.
Those holding an interest in the corporation through a pension fund or mutual fund have no vote: the funds vote for them, and therefore not necessarily in their interests. Of those remaining shareholders, typically 25% actually bother to send in a vote. Quite frequently, the board must hire telephone solicitors to call shareholders and request their approval, because turnout has been insufficient for the changes in then proposal to be made.
The results of corporate elections are like the results in Soviet elections: those who do vote, approve by huge margins. But, as I said, few vote at all.