Billions of dollars are at stake in federal stimulus legislation, and we must make sure the money doesn’t end up in the coffers of fossil fuel companies.
Call Senator Schumer at 877-852-4710 and leave a message urging him to block a bailout of the oil & gas industry.
As our nation recovers and rebuilds from the pandemic, we must invest in programs that benefit people and the planet, including good green jobs in water infrastructure, not polluters.
As the Senate’s top Democrat, Schumer must lead the way in championing a Green New Deal and standing up to greedy corporations.
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Fossil fuel companies and coal-powered utilities in the US are set for a potential bonanza under federal government plans for a bond bailout, part of the rescue package for the coronavirus crisis.
At least 90 fossil fuel companies, many of them established giants such as ExxonMobil, Chevron and Koch Industries, stand to gain from the Federal Reserve’s coronavirus bond buyback programme, alongside more than 150 utilities including coal-heavy firms such as American Electric Power and Duke Energy, according to a new analysis.
The bond buyback scheme is expected to be worth at least $750 billion altogether and to benefit thousands of companies by the end of September, and the size of the payout that could go to fossil fuels and utilities is as yet unknown. The scheme is to be discussed in the US Senate on Tuesday. A separate study last week by economists and Oxford University found that putting public money into a green recovery would produce higher economic returns and create more jobs in both the short and longer term than pouring the same money into the current fossil fuel economy.
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