Key Oil Industry Bailout Removed from Senate Stimulus Package

WASHINGTON – Late night Senate negotiations on the economic stimulus package appear to have removed a controversial plan for the federal government to spend billions of dollars to buy oil to store in the Strategic Petroleum Reserve. 

Food & Water Action Policy Director Mitch Jones released the following statement:

“With millions of Americans suffering due to a global pandemic, the Trump administration and its Republican allies in Congress were scheming to spend billions of dollars to buy oil to prop up the fossil fuel industry. This outrageously foolish fossil fuel bailout would provide no relief to suffering workers and families, and should stay out of any present and future COVID-19 rescue packages.

“Oil and gas companies should be blocked from any loan programs that are designed to assist companies hard-hit by this crisis. These dirty energy corporations amassed staggering amounts of debt for the past decade; it is not the responsibility of the government to bail out CEOs for their disastrous business decisions. Our first priority should be rescuing workers and their families, not corporations. 

“The most effective course of action right now would be a public takeover of the major fossil fuel companies, with a plan to wind down their operations and create new ventures that would create millions of good green jobs and help combat the climate crisis.”

Common Dreams

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