All of the most recent updates on fossil fuel industry bailouts.
Data
Over two months after new purchases through the Federal Reserve's Corporate Credit Facilities concluded, energy bonds comprised 9.2% of the SMCCF bond portfolio. As of March 11th, the Secondary Market Corporate Credit Facility (SMCCF) holds $469.9 million worth of oil and gas bonds. Explore below the bonds issued by fossil fuel companies that have been purchased by the Federal Reserve.
Data
Federal Reserve purchases of loans to oil and gas companies exploded in December, increasing by $1.12 billion and continuing the MSLP's disproportionately favorable support of fossil fuels. Companies rushed to take advantage of the lending program before its sunset at the end of 2020. Nearly 13% of the loans purchased by the Main Street Lending Program were issued to fossl fuels, compared to just 1% for clean energy. As of December 31st, outstanding loans to oil and gas companies totaled $2.22 billion.
News Roundups
Daily news headlines about the stimulus and recovery from October 27, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 26, 2020.
Guest Blog
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.
News Roundups
Daily news headlines about the stimulus and recovery from October 23, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 22, 2020.
Analysis
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.
News Roundups
Daily news headlines about the stimulus and recovery from October 21, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 20, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 19, 2020.
Guest Blog
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.
News Roundups
Daily news headlines about the stimulus and recovery from October 15, 2020.
Report
A new report from Partnership for Working Families, Action Center on Race & the Economy, and the Public Accountability Initiative finds that U.S. federal economic recovery programs provided inadequate support to low-income, immigrant, & BIPOC communities most harmed by the fossil fuel industry, but gave the industry $110 billion in stimulus.
News Roundups
Daily news headlines about the stimulus and recovery from October 14, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 13, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 9, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 8, 2020.
Data
This chart displays Paycheck Protection Program loans larger than $150,000, distributed to companies involved in fossil fuel production, distribution and manufacturing. Through Sept. 8th, 6776 fossil fuel companies received loans totalling between $3,547,750,000 and $8,369,750,000.
Data
Over $735,000,000 in Paycheck Protection Plan loans smaller than $150,000 were distributed to 19,156 companies in the fossil fuel sector as of Sept. 8th, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 7, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 6, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 5, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 2, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from October 1, 2020.
Report
Plugging the 2.6 million documented onshore oil and gas wells in the U.S. will cost $280 billion. Without intervention, state governments are at high risk of taking on this orphaned well liability.
Analysis
A tally by Friends of the Earth, Public Citizen, and BailoutWatch has identified nearly $100 billion in bonds sold by oil and gas companies since the Federal Reserve launched its unprecedented bailouts last March.
News Roundups
Daily news headlines about the stimulus and recovery from September 30, 2020.
Data
Fossil Fuel companies have claimed over $3.8 billion in tax refunds through June 2020.
News Roundups
Daily news headlines about the stimulus and recovery from September 29, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from September 28, 2020.
News Roundups
Daily news headlines about the stimulus and recovery from Septmber 25, 2020
News Roundups
Daily news headlines about the stimulus and recovery from September 24, 2020
News Roundups
Daily news headlines about the stimulus and recovery from September 23, 2020.
News Roundups
Daily stimulus and recovery news headlines from September 22, 2020
Analysis
The egregiousness of fossil fuel companies receiving bailouts — while their CEOs garner millions in bonuses and yet thousands of jobs are lost — occurs against the backdrop of climate disasters colliding with the pandemic.
News Roundups
Daily stimulus and recovery news headlines from September 21, 2020
News Roundups
Daily stimulus and recovery news headlines from September 18, 2020.
Data
Explore this list of Oil and Gas projects expedited for approval following Executive Order 13927 through exemptions to environmental laws including the Endangered Species Act, Clean Water Act, and NEPA.
News Roundups
Daily stimulus and recovery news headlines from September 17, 2020.
Guest Blog
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.
News Roundups
Daily stimulus and recovery news headlines from September 16, 2020.
Report
In its fourth report, the Commission makes recommendations on the implementation of the Main Street Lending Program, which had so far issued loans totaling only $496.8 million.
Report
In their July report, the National Whistleblower Center explores the potential for climate risk fraud in the fossil fuel industry, and the work of whistleblowers, prosecutors and regulators as an important pathway to ensuring proper disclosures of climate risks.
Report
In this report, Public Citizen tracks lobbyists during the COVID-19 pandemic that are connected to the Trump administration, and calls for immediate disclosure on COVID-related federal spending.
Report
Over the next five years, the PRAC plans to serve the American public by promoting transparency and the coordinated oversight of the Federal Government’s coronavirus response to prevent and detect fraud, waste, abuse, and mismanagement.
Report
Some Members of Congress have asked DOI to expand royalty relief for oil and gas producers during the pandemic. What programs already exist, and what are the arguments for and against expansion?
Report
Fossil fuels are subsidized by the U.S. federal and state governments, and removing these highly inefficient subsidies should be the first priority of fiscally responsible climate, energy, and tax reform policies.
