This morning on RTL radio, Clémence Guetté, a member of parliament for La France Insoumise (LFI) and vice-president of the National Assembly, floated a highly symbolic idea in response to rising fuel prices, attributed to the blockade of the Strait of Hormuz since February 28th: "Why not? It's an idea," she declared, referring to the nationalization of TotalEnergies. The argument is simple, almost irrefutable given how often it's been repeated by the LFI members in recent months: when fuel prices skyrocket, the state must "take back control" of a player deemed strategic, rather than simply offering one-off subsidies or calls for restraint.
Take back refining, leave extraction: nationalization "à la carte"
In detail, Clémence Guetté is not advocating for a complete takeover of the group, but rather for targeting refining and distribution activities, leaving aside extraction, which, according to her, represents 67% of the company's business. The Vice-President of the National Assembly asserts that "nationalizing Total would be profitable from the first year," even if the operation were financed by debt, as profits, she claims, should exceed interest payments from the outset. The reasoning also addresses the energy transition: the state, as a shareholder, could then reinvest gains in renewable energies, in a context where TotalEnergies' profits, up 51% in the last quarter to $5,8 billion, are fueling the idea of "superprofits" and growing frustration on the left regarding purchasing power.
The debate, however, returns like a tide with every flare-up. On May 1st, Jean-Luc Mélenchon mentioned "30 billion more in the state coffers over five years" if Total had remained nationalized; Mathilde Panot also raised the threat of partial nationalization if profit margins were not limited; and the head of the CGT union, Sophie Binet, supported this approach. A harsher reality remains: TotalEnergies is a publicly traded global group with dispersed shareholders, valued at 180 billion euros, and the idea of a public takeover raises as many budgetary questions as legal ones. At a time when the government usually favors targeted discounts and political pressure tactics, the La France Insoumise proposal introduces a different tone to the debate, that of a strategic state, even if it means reopening an old French issue that never truly closes.
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