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The Hill: House Democrats warn against oil industry bailout

By March 18, 2020 No Comments

BY REBECCA BEITSCH – 

A growing number of Democrats are voicing concern that the White House may pursue broad relief for the oil and gas industry amid sinking prices and the coronavirus pandemic.

Twenty House Democrats sent a letter to President Trump on Tuesday cautioning against dolling out further funds to the fossil fuel industry after the White House announced late last week that the government would purchase oil to shore up the industry.

“Diverting public funds to bail out this industry will do nothing to stop the spread of this deadly virus or provide relief to those in need,” lawmakers wrote in a letter spearheaded by Rep. Nanette Diaz Barragán (D-Calif.).

“A bailout tells the American public that fossil fuel investors can rely on U.S. taxpayers to cover their bills when the industry’s corporate executives’ risky investments don’t pan out.”

 

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