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Fossil fuel companies could benefit from the Covid 19 stimulus package



  USA. Senate majority leader Mitch McConnell (R-KY) gives a thumbs up after speaking on the floor of the U.S. Senate on March 25, 2020 in Washington, DC. (Photo by Win McNamee / Getty Images)

US Senate Majority Leader Mitch McConnell (R-KY) gives a thumbs-up sign after being in Washington, DC on March 25, 2020 in the U.S. ground -Senats spoke. (Photo by Win McNamee / Getty Images)
Photo : Getty

On Wednesday, the Senate approved a $ 2 trillion stimulus package for Covid-19 . It could be a disaster for the climate.

Democrats were unable to win tax credits for renewable energy or rules that forced airlines to cut greenhouse gas emissions. And although the Republicans' proposal to save the oil industry by buying $ 3 billion in oil for the Strategic Petroleum Reserve was not included in the final bill, another part of the bill could still allow fossil fuel companies to make massive payouts to achieve. [19659005] In the 900- page, a provision is buried that would set up a $ $ 4.5 trillion corporate bailout fund, which Treasury Secretary Steve Mnuchin very little Supervision is monitored . Sure, a five-member board of directors with appointments to House and Senate leaders will report to Congress every 30 days, but the important thing is that it does not have the power to veto Mnuchin's decisions.

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"There's nothing stopping the oil industry from receiving massive payouts," said Collin Rees, an activist at Oil Change International, towards Earther. "The crash barriers are pretty weak."

Even before the pandemic started, prices for fossil fuels dropped . The spread of covid-19 made their bad situation even worse . Saving failing fossil fuel companies is a terrible idea but Mnuchin is likely to do so anyway. J A week ago he advocated a massive rescue of oil.

"We know the CEOs of Oil, Gas and Coal are already pending handouts," said Greenpeace senior communications specialist Ryan Schleeter emailed Earther that he was recently attempted by the National Mining Association and another attempt by the oil magnate and Trump consultant Harold Hamm . "The task now is to keep Mnuchin and the future members of the board under sufficient pressure to ensure that these funds are used in the best interests of the employees, not the managers."

But the bill will make this a tough fight. The bailout fund scheme allows companies that have received bailout packages to fire up to 10 percent of their workers without having to do anything. In other words, as wealthy shareholders increase profits, workers are likely to be screwed.

This is how the climate could . By saving fossil fuel companies, they can continue to emit greenhouse gas emissions to warm the planet. And of course, the emissions from oil and gas companies not only cause global warming, they also cause dangerous pollution . This is a big problem for people – who are often poor and colorful – in the communities where the fossil fuel infrastructure is built. Fossil fuel companies also have a long history of doing other violations of human rights like what happened in Standing Rock over the Dakota Access Pipeline.

“The fox was completely held responsible for the chicken coop. Rees said. "A and there is practically no mechanism that prevents the fossil fuel industry from moving forward."


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