Washington, DC — Today, the Trump administration is expected to announce its plan to provide government assistance to struggling fossil fuel companies in exchange for a financial stake. In the coming weeks, oil drillers — agonizing under the weight of historic price crashes, the COVID-19 pandemic, and faulty business methods — will be able to access both bridge loans and “emergency” lending authority from the US Federal Reserve in an attempt to avoid bankruptcy.
In response, Greenpeace USA Senior Climate Campaigner John Noël said:
“The latest move in the Trump administration’s botched COVID-19 response is to give sweetheart loans to mismanaged and declining oil companies. It is a national disgrace. Trump’s primary concerns in the midst of a pandemic are completely out of touch.
“While millions of Americans are suffering in this crisis, Trump and Mnuchin continue to prioritize their oil executive buddies. Across the country, healthcare workers still lack personal protective equipment and many families are unable to support themselves. Instead of providing handouts to failing fossil fuel CEOs and shareholders, we need to provide relief directly to workers and families. Mnuchin continues to deny that he’s pursuing a bailout for oil executives, but there’s no more hiding their greed behind closed doors.
“The past few weeks have exposed the volatility of the oil industry, laying bare an unsustainable business model that saddles workers and frontline communities with enormous costs. If Trump and Mnuchin go through with their shameful plans and acquire equity stakes in fossil fuel companies receiving loans, then the federal government must require these companies to responsibly phase out production and fulfill wage, pension, and benefit obligations to their workers. In this moment of crisis, we can’t double down on a debt-ridden, declining industry. Now is the time to invest in the family-sustaining, dignified jobs and healthy communities we all deserve.”
Instead of a no-strings-attached bailout for the oil industry, Greenpeace USA has issued six policy priorities [1] for Congress to consider when it reconvenes to negotiate additional stimulus measures next week. In a letter dated April 28, 2020, Greenpeace USA Executive Director Annie Leonard urged Congressional leadership to transform our country in response to the COVID-19 crisis rather than return to an economy dependent on exploitation and extraction.
ENDS
Notes:
[1] The letter and six policy priorities are available here: https://www.greenpeace.org/usa/news/greenpeaces-priorities-for-upcoming-covid-19-stimulus-packages/
Contact:
Katie Nelson, Strategic Communications Specialist, Greenpeace USA: +1 (678) 644-1681, [email protected]
