Just over a month ago, President Trump claimed victory for saving Big Oil, saying that he ‘created it’ and then he ‘saved it.’ But like many, many claims by the President, this fantasy is false. Despite upwards of $7 billion in taxpayer-backed Paycheck Protection Program loans, billions more in tax breaks, and waiving environmental rules by federal agencies that gave corporations […]
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Climate advocates are slamming banking interests after a report revealed that JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup are planning to take over distressed oil and gas companies assets in the wake of an industry collapse, likely by using access to federal bailout money included in the coronavirus relief package passed by Congress. […]
Many people like to say that the coronavirus is teaching us a lesson, as if the pandemic were a kind of morality play that should lead to a change in our behaviour. It shows us that we can make big shifts quickly if we want to. That we can build back better. That social inequality is starkly revealed at times […]
The coronavirus pandemic has had devastating consequences for lives and livelihoods around the world, while also dramatically cutting CO2 emissions. In many countries, governments are now looking towards recovery as the pandemic’s first wave slowly recedes, with plans for economic stimulus worth trillions of dollars. Yet as economies pick up pace, emissions are beginning to rebound. And huge stimulus plans will have consequences for […]
Big Oil is reaping major benefits from the large corporate tax cuts that were passed as part of the coronavirus stimulus, according to a recent report from Friends of the Earth. At least 12 oil and gas companies are expected to claim a total $1.5 billion in tax breaks, according to a review of over 40 quarterly filings. By […]
The economy is in free fall but Wall Street is thriving, and stocks of big private equity firms are soaring dramatically higher. That tells you who investors think is the real beneficiary of the federal government’s massive rescue efforts. Ten weeks into the worst crisis in 90 years, the government’s effort to save the economy […]
We should not bail out oil companies. But we probably will since Trump is scrambling to do just that. As we know, the price of oil in the US fell below zero for the first time ever the other day. This plunge means that producers are paying buyers to take the oil — if that makes […]
The petulant paterfamilias of Pennsylvania Avenue is in a towering rage (when is he not?) over the news that General Motors plans to shutter several US assembly plants. He is already making plans to punish GM for committing the unforgivable sin of making him look like the braying jackass he really is. By Steve Hanley […]
This week FirstEnergy Solutions dropped a bombshell of an announcement – they filed notice with the grid operator to retire four fossil fuel plants, including the two largest coal plants ever announced for retirement: Sammis and Bruce Mansfield. The announcement makes it clear these coal plants are too old, dirty, and expensive to operate in a competitive market, and […]
A new independent assessment by The Brattle Group of US President Donald Trump’s plan to bail out the US coal & nuclear plants says the cost could balloon to $70 billion over two years. By Joshua S Hill Cleantechnica It has been a rough year for the United States’ fossil fuel and nuclear industries, with […]
With $62.2 billion of the latest Economic Stumulus Package slated for environmental initiatives the days of the Big Oil and Big Coal “Fat Cats” are numbered…
Jon Stewart covers the bank bailout hearings on Capitol Hill.
Letting the auto industry go to hell in a handbasket is probably not an option. The impact on the economy would be one thing. But the direct and indirect human impact would be terrible.
That leaves us wondering how to square this particular circle. We are faced with a powerful combination of crises, both economic and environmental. Is there a way to address both at once? Well, yes.
Maybe the Big 3 shouldn’t have served up all those SUV’s over the years.
U.S. House of Representatives passed a $14 billion government rescue bailout for the automobile industry. This plan would provide emergency loans to General Motors and Chrysler; however, Ford has stated it will not seek out federal loans. GM and Chrysler claim they will not be in business much longer without federal assistance.