Demand Progress

No bailout for the oil companies!

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    No bailout for the oil companies!

    Petition to CongressĀ and the Federal Reserve:
    We oppose any bailout for the fossil fuel companies. Instead we need to use our fiscal and monetary policy to support a Green New Deal, supporting jobs and the economy in ways that reduce carbon emissions rather than create more of them.

    It was bad enough when big banks and megacorporations got a bailout last month as millions of Americans lost their jobs and their health insurance.

    But now Donald Trump wants to bail out the oil companies too.1 It's a disaster for our climate and for the economy. We have to stop this from happening.

    Sign the petition: No bailouts for oil companies!

    The coronavirus pandemic has led to an unprecedented collapse in the price of oil. Because there's now an oversupply of oil, for the first time in history oil prices have gone negative -- meaning producers will pay you to take oil off their hands, since they have no place to store it.

    This is a crisis for the oil companies. But it's also a huge opportunity for the climate.

    We needed a Green New Deal long before the coronavirus hit. The core of the Green New Deal is a progressive economic policy that is sustainable and equitable, providing jobs without making climate change worse.

    The collapse in oil prices will lead to a lot of lost jobs if nothing is done. Trump wants to bail out the oil companies and prop up a fossil fuel industry that is causing a massive environmental and human crisis.

    We should instead pass a Green New Deal that provides jobs for everyone, including fossil fuel industry workers. doing work that helps reduce carbon emissions rather than increases them.2

    Congress is debating the stimulus bill right now. We need to make it clear to them and to the Federal Reserve that they cannot hand fossil fuel companies billions in bailouts.

    Add your name: No bailouts for oil companies!

    1. Politico, "Trump pledges financial aid to oil industry," April 21, 2020.
    2. The New Republic, "The Urgent Message of Negative Oil Prices," April 21, 2020.