News & Analysis
News and analysis from BailoutWatch on fossil fuel industry bailouts and related topics.
Fossil fuel firms slashed nearly 60,000 jobs in 2020 while pocketing $8.2 billion tax bailout
As Washington weighs ending fossil fuel tax subsidies, oil and gas companies are quietly disclosing how many millions (or billions) they received from a pandemic tax break last year — and how many jobs they cut
Sundance Energy seeks bankruptcy protection after laying off workers and approving executive bonuses
The bailout double-dipper reported a brief spike in employment when obtaining a bailout, raising questions about the truthfulness of its application.
Federal watchdog probes Ted Cruz’s oil bailout lobbying
After a Wall Street Journal investigation citing BailoutWatch, the Inspector General overseeing CARES Act bailouts has subpoenaed Cruz’s office about his efforts to expand bailouts for oil and gas.
Dakota Access Pipeline builder Energy Transfer LP making $7B acquisition after tax bailout, mass layoffs
The deal to buy out Enable Midstream Partners after laying off 1,391 workers shows how Texas billionaire Kelcy Warren will use millions in government givebacks.
Bailed-out, bankrupt oil firms pay millions in executive bonuses while laying off workers
Sen. Ted Cruz and other champions of fossil fuel bailouts said sending government funds to fossil fuels would protect workers. But the companies are giving executives bonuses, slashing jobs, and forcing investor losses in court.
Oil & Gas Dominates in "Main Street" Lending Program
New data shows that 46 fossil fuel companies have received Fed-subsidized loans since July, as the MSLP is set to expire on December 31st.
Oil and gas industry nearly top bailout rolls in Texas
A trade group president says the industry has been devastated by the pandemic
Fed’s Fossil Fuel Bailouts Grow to Half Billion as Focus Shifts to Next Steps
The current bailout programs are a political hot potato and policymakers are discussing the next rounds of stimulus. In the meantime, the Fed program designed to prop up midsize fossil fuel companies continues to grow.
Fed-backed loans to fossil fuels jump
Oil and gas fought for looser lending terms so more of them could tap the Fed’s Main Street Lending Program. New data show their lobbying paid off.