September, 22 2010, 01:23pm EDT
For Immediate Release
Contact:
Alex Moore, Friends of the Earth, 202-222-0733 (office), amoore@foe.org
Cat Glenn, New York Action Network, cglenn@fordham.edu
Pipeline Protesters Greet President Obama at Fundraiser in New York
Activists against piping dirty tar sands oil into the U.S. ask Obama to reject the Keystone XL pipeline
WASHINGTON
As President Obama arrives here for a Democratic campaign fundraiser
today, activists with signs and banners are calling on him to oppose the
Keystone XL pipeline, which would carry dirty tar sands oil to the U.S.
"The proposed Keystone XL pipeline would leave many communities
vulnerable to oil spills and leaks," said Alex Moore, dirty fuels
campaigner with Friends of the Earth. "Piping tar sands oil across the
United States would pollute the air and water, ultimately harming the
health of people in the path of the pipeline."
The demonstration taking place today outside the Roosevelt Hotel in
Manhattan was organized by Friends of the Earth and New York Action
Network. Demonstrators are confronting the president with a banner
reading: "President Obama: Stop the Keystone Pipeline, Protect Our
Water."
At the same time in Washington, D.C., a delegation of indigenous
leaders from the United States and Canada were meeting with the White
House Council on Environmental Quality to express their concerns about
tar sands development in their communities.
"When New Yorkers elected President Obama, we were voting for the clean
energy future he promised, not more dirty oil pipelines," said Cat
Glenn, a student at Fordham University and member of the New York Action
Network. "President Obama has an opportunity to show leadership by
denying the permit for the pipeline and preventing future fossil fuel
disasters."
The Keystone XL pipeline would carry oil from Canada's tar sands, the
dirtiest oil available, through Montana, South Dakota, Nebraska, Kansas,
Oklahoma and Texas. In recent weeks, Congress has been investigating
pipeline safety following incidents in Michigan and Illinois that
spilled a combined one million gallons of oil.
More information on the Keystone XL pipeline is available at: https://www.foe.org/keystone-xl-pipeline
Friends of the Earth fights for a more healthy and just world. Together we speak truth to power and expose those who endanger the health of people and the planet for corporate profit. We organize to build long-term political power and campaign to change the rules of our economic and political systems that create injustice and destroy nature.
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Biden Denounced for 'Appalling' Approval of Willow Oil Project
"There is simply no justification for President Biden's decision to approve a massive new oil drilling scheme that will lead to decades of air and climate pollution," said one critic.
Mar 13, 2023
U.S. President Joe Biden on Monday greenlighted a massive oil drilling project on federal land in Alaska, eliciting outrage from climate advocates who say the administration's accompanying restrictions on oil and gas leasing in the region cannot make up for the destruction set to be unleashed by the approved Willow project.
Progressives sought for months to dissuade Biden from approving ConocoPhillips' $8 billion Willow project, noting that it could enable the production of more than 600 million barrels of crude over 30 years. If all of that oil is burned, roughly 280 million metric tons of heat-trapping carbon dioxide emissions will be spewed into the atmosphere at a time when United Nations Secretary-General António Guterres warns that the planet is reaching a "point of no return."
"There is simply no justification for President Biden's decision to approve a massive new oil drilling scheme that will lead to decades of air and climate pollution," Food & Water Watch executive director Wenonah Hauter said in a statement.
"This decision is part of a disturbing and disappointing trend with this White House," Hauter continued. "President Biden refuses to take the necessary actions to rein in climate catastrophe while issuing rhetoric that professes concern for the existential threat that we all face. He cannot have it both ways. Promoting clean energy development is meaningless if we continue to allow corporations to plunder and pollute as they wish."
"President Biden refuses to take the necessary actions to rein in climate catastrophe while issuing rhetoric that professes concern for the existential threat that we all face."
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But given the overwhelming scientific evidence—and warnings from even the relatively conservative International Energy Agency—that new fossil fuel projects are incompatible with averting the worst consequences of the planetary emergency, climate justice campaigners rejected the president's attempt to soften the blow of his Willow approval by announcing new protections for areas surrounding the extraction site.
"It's insulting that Biden thinks this will change our minds about the Willow project," Kristen Monsell, a senior attorney at the Center for Biological Diversity, said in a statement. "Protecting one area of the Arctic so you can destroy another doesn't make sense, and it won't help the people and wildlife who will be upended by the Willow project. We need to protect the entire Arctic and stop building massive oil and gas developments that will contribute to greenhouse gas emissions for years to come."
"Biden approved Willow knowing full well that it'll cause massive and irreversible destruction, which is appalling," said Monsell. "People and wildlife will suffer, and extracting and burning more fossil fuel will warm the climate even faster. Biden has no excuse for letting this project go forward in any form. New Arctic drilling makes no sense, and we'll fight hard to keep ConocoPhillips from breaking ground."
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Sen. Bernie Sanders on Sunday night called for a full repeal of the 2018 banking deregulations signed into law by former President Donald Trump and declared that "now is not the time for taxpayers bail out Silicon Valley Bank"—the California bank that collapsed Friday.
On Sunday evening, the U.S. Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) issued a joint statement outlining a plan to make all deposits for Silicon Valley Bank as well as Signature Bank, which was shuttered by New York regulators earlier in the day, available to costumers Monday morning.
In his statement, Sanders said, "If there is a bailout of Silicon Valley Bank, it must be 100 percent financed by Wall Street and large financial institutions. We cannot continue down the road of more socialism for the rich and rugged individualism for everyone else. Let us have the courage to stand up to Wall Street, repeal the disastrous 2018 bank deregulation law, break up too big to fail banks and address the needs of working families, not the risky bets of vulture capitalists."
The statement the Fed, Treasury, and FDIC noted that "no losses" associated with the rescue plan "will be borne by the taxpayer," though the extraordinary intervention—the largest of its kind since the 2008 financial collapse—is still seen by many economists and financial experts, even if bank investors and debt holders are not protected, as a "bailout" for the financial industry only made possible by taxpayers.
"Let us have the courage to stand up to Wall Street, repeal the disastrous 2018 bank deregulation law, break up too big to fail banks and address the needs of working families, not the risky bets of vulture capitalists."
Warren Gunnels, longtime staffer and top advisor to Sanders, made the connection between venture capitalists clamoring for a speedy government intervention to save the banking sector from a wider shock and the same kind of people who have adamantly opposed financial relief for the struggling middle- and working-class Americans:
As the Washington Postreports, "The decision by Treasury to backstop all deposits at SVB and Signature — not just those up to $250,000 that are insured under federal law — rested on a judgment that it was necessary to avoid a wider 'systemic' meltdown. The move will likely ignite a political firestorm over the decision to protect the assets of tech firms, venture capitalists, and other rich people in California."
In 2018, as Sen. Mike Crapo's (R-Idaho) Economic Growth, Regulatory Relief, and Consumer Protection Act was making its way through Congress, Sanders took to the floor of the U.S. Senate to oppose the bill, warning of exactly this kind of economic disaster if the deregulation was approved:
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On Monday, Lindsey Owens, executive directive of the progressive economic watchdog Groundwork Collaborative, focused on the additional lending facility made available to the bank customers and said the latest actions expose a deep "rot" within the Federal Reserve—especially as the central bank squeezes workers with increasingly higher interest rates, hikes that played at least a part in the banks' failures.
"This weekend, the Federal Reserve moved mountains to protect wealthy venture capitalists from the fallout of its aggressive interest rate hikes," said Owens. " Today, the Fed will return to its core work of pushing hardworking Americans out on the street to meet its inflation goals."
Such a set of policies, said Owens, shows the Fed "is irreparably broken and can no longer be trusted to go it alone on monetary policy. As Congress works to re-regulate mid-size banks after the misguided 2018 rollbacks that set this weekend's crisis in motion, they should also address the rot at the Fed."
In a statement on Sunday ahead of the government's rescue plan announcement, Matt Stoller, research director for the American Economic Liberties Project, made the case against any taxpayer bailout for SVB.
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While bank investors and executives will not be included in the emergency actions announced on Sunday, Rep. Ro Khanna, the California Democrat who represents Silicon Valley, applauded the actions taken by Treasury to keep depositors whole.
Among his constituents impacted by the bank's collapse, he said, were "non-profit leaders, small business owners, start-up founders, and impacted employees of small businesses."
While expressly arguing that government intervention "should not and need not ... cost taxpayers a dime" during a news interview Sunday morning, Khanna later applauded the government plan while echoing Sanders' call for a reversal of the deregulation that led to the current crisis.
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"These extraordinary profits, and any future income derived from Aramco, should not be deployed to finance human rights abuses, cover them up, or try and gloss over them," said Amnesty International.
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Saudi Aramco, an oil giant almost entirely owned by the government of Saudi Arabia, announced Sunday that it brought in a staggering $161.1 billion in profits last year as it joined other fossil fuel companies in capitalizing on energy market turmoil sparked by Russia's invasion of Ukraine.
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For comparison, ExxonMobil—the second-largest oil company in the world behind Aramco—reported $56 billion in net income last year, a record for the U.S. firm but nowhere close to the Saudi corporation's haul.
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Aramco said its banner profits—driven by "stronger crude oil prices, higher volumes sold, and improved margins for refined products"—were up nearly 47% compared to 2021, a windfall the company has used to reward investors.
"Aramco declared a dividend of $19.5 billion for the fourth quarter, to be paid in Q1 2023," the oil firm said in a press release. "This represents a 4.0% increase compared to the previous quarter, aligned with the company's dividend policy aiming to deliver a sustainable and progressive dividend. Additionally, the Board of Directors also recommended the distribution of bonus shares to eligible shareholders in the amount of one share for every 10 shares held."
While Aramco said it intends to devote resources to "lower-carbon technologies" and carbon-capture initiatives that climate campaigners have dismissed as false solutions, the company made clear that it has no intention of shifting aggressively away from fossil fuel production—a transition scientists say is necessary to avert climate catastrophe.
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"It is past time that Saudi Arabia acted in humanity's interest and supported the phasing out of the fossil fuel industry, which is essential for preventing further climate harm," Callamard said Sunday. "These extraordinary profits, and any future income derived from Aramco, should not be deployed to finance human rights abuses, cover them up, or try and gloss over them."
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