IEEFA Update: Federal Lending To The Oil And Gas Sector Would Be A Complete Waste Of Money
Even if the entire relief program were to go to fossil fuels, it wouldn't fix the sector’s fundamental economic problems.
Reports
Reports from other organizations on fossil fuel industry bailouts and related topics. Opinions expressed in these publications are those of the authors and BailoutWatch has not independently confirmed their findings.
Congressional Research Service: Offshore Royalty Relief During the COVID-19 Pandemic
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?
Public Citizen: Fossil Filled
Since the start of the Trump administration, the calendars of top officials at the U.S. Department of the Interior have been filled with meetings involving energy and mining firms and corporate trade groups. Now, these well-connected industries are seeking bailouts and special favors.
Congressional Oversight Commission: Questions about the CARES Act’s $500 billion emergency economic stabilization funds
In its first report, the Congressional Oversight Commission publicizes a list of questions it has posed to Treasury and the Federal Reserve about their handling of the $500 billion set aside to support companies and state and local governments.
Rainforest Action Network: List of fossil fuel bond issuers the Fed could buy
The Fed’s bond-buying could include 90 fossil fuel issuers and many more utilities, based on an analysis of credit ratings and eligibility requirements.
Center for International Environmental Law: Report on Exploitation of COVID-19 Crisis by Fossil Fuel & Petrochemical Industries
The oil, gas, and plastics industries are exploiting the current economic and public health crisis by aggressively lobbying for massive bailouts and special privileges in an attempt to revive an oil and gas industry already in decline.
Friends of the Earth: The Big Oil Money Pit
Fossil fuel companies are eligible to receive billions of the new stimulus spending authorized by Congress in April.
InfluenceMap: Briefing on COVID-19 and Fossil Fuel Lobbying
Influence Map outlines evidence showing how corporations are lobbying for climate deregulation and financial interventions by governments that are either specifically advantageous for fossil fuel production and/or contrary to science-based advice from the IPCC on climate.
Congressional Research Service: Federal Reserve Emergency Lending
During the last financial crisis, the Federal Reserve extended credit to nonbank financial firms for the first time since the 1930s. What is similar and different about the Fed's role during current economic fallout from COVID-19?
Rainforest Action Network: Banking on Climate
Four big U.S. banks - JPMorgan Chase, Wells Fargo, Citi and Bank of America - account for nearly a third of fossil fuel financing from global banks since the Paris Agreement was adopted four years ago.