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Millions In Federal COVID-19 Aid Went To Companies With Pollution Violations
At least five companies with histories of violating environmental rules secured emergency government loans totaling as much as $32 million to retain employees during the early months of the coronavirus pandemic.
Those companies, most in the energy sector, have collectively paid more than $52 million in penalties for violations of clean air and other environmental regulations, according to an analysis by the watchdog group Accountable.US and HuffPost.
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As Trump’s Diagnosis Spooks G.O.P., Pelosi Projects Optimism on Stimulus Deal
Speaker Nancy Pelosi of California on Friday suggested that President Trump’s coronavirus diagnosis could help to break a stalemate over a stimulus package to counter the economic toll of the pandemic, even as she remained far from an agreement with the administration on the contours of a bipartisan compromise.
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Noble Energy shareholders approve $4.1 billion sale to Chevron
Noble Energy shareholders on Friday approved a deal to sell the oil and gas producer to Chevron Corp, making Chevron the No. 2 U.S. shale oil producer and giving it international natural gas reserves close to growing markets.
The all-stock deal values Noble Energy at around $4.1 billion, excluding $8 billion in debt, and the vote cements the first big energy deal since the coronavirus crushed global fuel demand.
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Oil, Natural Gas Industry Said ‘Exploiting’ Federal Relief through Historic Borrowing Spree
The oil and natural gas industry has embarked on a lavish borrowing spree this year, underpinned by a federal bailout of corporate debt markets in response to Covid-19, a new analysis has found.
Oil and gas companies, already in dire financial straits before the pandemic, have issued $99.3 billion in debt in U.S. markets since March 23, said the report authored by nonprofit organizations Friends of the Earth, Public Citizen and BailoutWatch.
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OPINION: Oil Prices Are Waiting To Rise, But Stimulus Will Not Be The Cure
Oil prices continue to linger around $40 per barrel. They have been fairly stable since June, after swinging wildly in the spring. As of this writing, both major oil benchmarks, WTI and Brent, are trading just below $40. Oil prices are sitting around this mark, because oil traders don’t know what is happening with the economy.
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