Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Environment & Energy
Related: About this forumDon't use coronavirus to bail out oil and gas companies
https://www.marketwatch.com/story/dont-use-coronavirus-to-bail-out-oil-and-gas-companies-2020-03-23?&mod=home-pageDont use coronavirus to bail out oil and gas companies
March 23, 2020 at 10:26 a.m. ET
By Basav Sen
The fossil-fuel industrys problems were self-inflicted, and its barreling us toward the next crisis
In 2008, the U.S. economy went into its deepest recession since the Great Depression, brought low by reckless financial institutions, deregulation, and lax regulatory enforcement. The recession led to millions losing their homes to foreclosure.
The federal government could have stepped in and rescued struggling homeowners. That would have kept families in their homes, and preserved the tax base and social fabric of communities.
Instead, they handed out $700 billion in public money to the very banks responsible for the crisis (not counting more than $3 trillion in zero or very low interest rate loans), allegedly because that was the only way to avert a deeper recession. But the recession worsened, and the too big to fail banks became even bigger.
This scenario is replaying itself today, with even higher stakes. Were facing down not just a pandemic and a global economic meltdown, but an unraveling of our planets entire life support systems.
..snip
So lets not blame a virus, or Russia, or Saudi Arabia. If U.S. oil and gas producers are in trouble, they are the ones at fault, and it takes nerve on their part to ask the government for a handout. While oil and gas workers facing layoffs deserve assistance, their undeserving bosses do not.
Then, consider what science tells us about this industry. A healthy future for oil and gas inevitably means a bleak future for most humans and for ecosystems. At precisely the time that scientists say we should be phasing out oil and gas production, a bailout to this destructive industry is a giant step backwards.
A much smarter use for stimulus funds would be major investments in renewables and energy efficiency, industries that employ far more Americans than fossil fuels without harming the planet. If fossil-fuel workers are being displaced, they can be fast tracked into jobs growing these industries that are vital for our future.
Lets not repeat the mistakes of 2008. Emergency funds should be freed up for direct assistance to those workers and communities who need it most. In the longer term, stimulus funds should be used to build just and effective solutions for the other looming crisis humanity faces: the climate crisis.
Basav Sen directs the Climate Policy Project at the Institute for Policy Studies.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 784 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (9)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Don't use coronavirus to bail out oil and gas companies (Original Post)
saidsimplesimon
Mar 2020
OP
Chainfire
(17,467 posts)1. All of the mega businesses are going to get bailed out
Because they run the country through their bought and paid for representatives and senators. It is the way our "Representative Democracy" works.
sop
(10,100 posts)2. Notice how air quality over heavily populated areas, the pollution mostly caused by human activity
and the burning of oil, immediately improved after the mandated shutdowns began? It demonstrates just how quickly we could begin to reverse climate damage caused by using carbon-based fuels. In a saner world, one where extractive energy interests didn't control most economies and governments, we would use this worldwide crisis to support other forms of renewable energy, not bailout the oil companies.