Video: Occidental Petroleum gets to write its very own Coronavirus bailout (with YOUR money)

At first, Occidental Petroleum had too many employees and too much revenue to qualify for federal aid. So how did the major oil and gas company ultimately get the bailout it wanted? In the following video from The Years Project, investigative reporter Zorka Milin explains how the company lobbied for rule changes.

By The Years Project

Occidental Petroleum (@WeAreOxy) is a major oil and gas producer and they rank among the top 4 oil and gas companies in terms of spending on lobbying. So the question is, what does all this spending buy them?

It buys them influence. Initially, the the Main Street lending program rules were written in a way that Occidental Petroleum didn’t qualify, because they have too many employees and too much revenue.

• Background: Bankrupt oil and fracking companies are sucking up billions of coronavirus bailout dollars

But 4 Senators – Ted Cruz, Lisa Murkowsky, Jim Inhofe and John Barrasso – wrote to the Chair of the Federal Reserve and asked for the rules to be changed. Those 4 Senators have all received campaign donations from Occidental Petroleum.

The Federal Reserve made the requested changes, now allowing Occidental Petroleum to qualify for bailout funds ON TOP of the $195 million dollars in tax breaks the company will get from the CARES Act.

You can also read more and follow the $$ in this report from @Global_Witness : https://t.co/nq7FCQTjmT

— The YEARS Project (@YEARSofLIVING) July 15, 2020