With Plummeting Oil Prices, Federal Control of Fossil Fuels Becomes More Necessary and Attainable

Washington, D.C. – As the price of some oil futures contracts plummeted into unprecedented negative territory today, and American fossil fuel corporations’ stock values sit near historic lows, the Trump administration continues to explore ways of propping up the industry through coronavirus stimulus-funded bailouts. In response, Food & Water Action Policy Director Mitch Jones issued the following statement:

“Today’s historic crash of oil prices will surely be used by the Trump administration to justify bigger, more flagrant taxpayer-funded infusions for the flailing industry. But such action would be foolish. This crucial moment in history calls for a buy-out of the fossil fuel industry, not another egregious bailout. For pennies on the dollar, the federal government could take control of major oil and gas corporations now and ensure a fair and just transition for the workers and communities that have relied on the industry for their livelihoods for decades. At the same time, the reckless overproduction of oil and gas could be ramped down in a managed process that would prioritize our environment and a sustainable future over Wall Street speculators and executives’ exorbitant compensation packages.”

Contact: Seth Gladstone - sgladstone[at]fwwatch[dot]org, 917.363.6615