For Immediate Release

Organization Profile: 
Contact: 

Seth Gladstone – sgladstone@fwwatch.org, 917.363.6615

As Oil Prices Plummet, Federal Control of Fossil Fuels Becomes More Necessary and Attainable

"A Buy-Out, Not a Bailout for the Oil and Gas Industry”

WASHINGTON - As the price of some oil futures contracts plummeted into unprecedented negative territory today, and American fossil fuel corporations’ stock values sits 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.”

###

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Simply Don't Exist.

Please select a donation method:



Food & Water Watch is a nonprofit consumer organization that works to ensure clean water and safe food. We challenge the corporate control and abuse of our food and water resources by empowering people to take action and by transforming the public consciousness about what we eat and drink.

Share This Article