News Roundups

Oil and Gas Giants Take $87bn Hit, Drilling Lobby Promotes Natural Gas, and More

Daily stimulus and recovery news headlines from August 18, 2020.

Carbon Tracker: Oil and gas giants take $87bn hit on assets in nine months

Fossil fuel majors have slashed the value of their oil and gas assets by $87bn in recent months as the coronavirus pandemic has decimated demand for oil and accelerated the pace of the clean energy transition, data compiled by Carbon Tracker suggests.

Figures published last week by the influential think tank highlights the impact the slump in oil demand and subsequent crash in prices has had on the fossil fuel industry's price forecast adjustments over the past nine months, but also indicates the trend had started even before the pandemic took hold.

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In the run-up to U.S. election, drilling lobby promotes natural gas as 'clean'

America’s biggest oil and gas lobby group is ramping up its advertising spending ahead of the November election to persuade voters that natural gas is a climate-friendly fuel, according to ad buying data.

The campaign by the American Petroleum Institute (API), targeted at younger voters and some tight congressional races, is part of a global battle by the drilling industry to assuage growing fears over the role of natural gas in driving climate change.

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Fossil Fuels Are So, So Screwed

After CleanTechnica posted the article, “The End Of Oil & Gas: A Different View,” a reader asked me a couple of questions: When did I think the end I described would come? Also, what did I think would happen before then?

A quick glance at the current political situation in the United States would seem to give the fossil fuels sector a possibility of a clear path to the future, as there is a chance that the current regime will stay in power. But that may be a delusion, with or without a political change.

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Opinion: Unemployment Isn’t Too High — Regular Wages Are Too Low

For those of us who study working Americans, it is not surprising that unemployment benefits designed to provide a lifeline to households turn out to be higher than many working people’s previous earnings, because for many working people, their earnings couldn’t cover the basic needs of their household to begin with. In 2019, about 25 million filers received the earned income tax credit, or EITC — which provides a cash supplement to working people with low incomes. The amount of the benefit is adjusted according to the level of earnings and household size with the goal of encouraging the heads of poor households to work and reducing dependence on cash welfare.

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