Blog
Our latest posts on fossil fuel industry bailouts.
How Occidental Petroleum Turned a Government Bailout Into A Mountain of Cash
Occidental is the poster child for risky drillers reliant on government support
The U.S. Is Missing a Chance to Tackle Climate Crisis and Pandemic Relief Together
It’s time for the Fed to join the European Central Bank in acknowledging the inherent financial risks that climate change brings, and to ensure that the securities the Fed buys to boost the economy are done with climate risk in mind.
It’s time for Congress to strengthen protections for whistleblowers who expose corporate fraud
The rapid pace and volume of federal spending created new opportunities for misconduct, and these opportunities were seized by powerful corporate actors. The risk of widespread fraud is particularly high in the troubled fossil fuel sector, making whistleblowers crucial for detecting and preventing it.
Summarizing the End Polluter Welfare Act
Although the Act is unlikely to become law, it draws attention to the sheer volume of tax breaks and subsidies the industry now enjoys at the expense of the public and provides a roadmap that could be taken up in a more favorable political climate.
The Fed Invested Public Money in Fossil Fuel Firms Driving Environmental Racism
While financial analysts sound the alarm about this dying industry, the Federal Reserve has been buying up the debt of fossil fuel companies through a pandemic emergency program.
Environmental community reacts to new federal climate-risk report
The Commodity Futures Trading Commission (CFTC)'s new climate report is at odds with how the Federal Reserve, Treasury, and Trump Administration are addressing the economic fallout from the pandemic. By bailing out failing fossil fuel companies, these bodies have been increasing both climate and financial risks.
How to Stop Bailing Out the Past
As we chart a path out of this crisis, it’s long past time we invest in the green and just future we deserve. But right now, the U.S. government is still giving away our public dollars to the industry of the past.
Marathon Petroleum takes bailout tax breaks while pumping pollutants into poor communities during a pulmonary pandemic
Marathon Petroleum, the largest oil refiner in the country with a history of environmental violations impacting Black and Brown communities, has taken millions in bailout tax breaks.
Occidental Petroleum lobbies for bailouts but leaves behind legacies of pollution
Occidental Petroleum has been careening towards bankruptcy ever since the pandemic hit—which only shows why we need a managed decline of the industry, not more bailouts.