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The Young Turks: Congresswoman Moves to Block Big Oil Bailout

By May 15, 2020 No Comments

 

 

“…the bill does not go far enough to protect against bailouts of the oil and gas industry. We know it is possible for House leadership to stand with the millions impacted by COVID-19 without providing lifelines and loopholes for fossil fuel billionaires to make a profit. To make the relief package air tight, we urge Pelosi and the House to incorporate the ReWIND Act…”

 

Rep. Nanette Barragán (D-CA) is one of five Democrats who last week introduced the Resources for Work-force Investments, Not Drilling (ReWIND) Act, designed to counteract the Trump administration’s pro-fossil fuel actions. She responded to The Young Turks’ story exposing a private telemeeting on a possible federal bailout for the fossil fuel industry.

 

That meeting occurred on April 22 between a top Washington lobbying firm, Akin Gump, and the giant Morgan Stanley investment firm. One key suggestion by oil lobbyists was to offer renewable-energy tax incentives in exchange for an oil bailout such as buying millions of barrels of oil to fill the US Strategic Petroleum Reserve (SPR). In a statement, Barragán expressed strong opposition to this quid pro quo.

 

“It would be unconscionable to bail out big oil and gas corporations with money intended to help families, workers and small businesses survive this global pandemic. Period. This isn’t about horse trading. It’s about helping people struggling to make it through the COVID-19 public health crisis – not to make it easier for fossil fuel companies to drive us closer to climate catastrophe.”

 

Read the full story here