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Bella Caledonia - Oil

Oil Isn’t Worth Anything Any More

The danger is that the industries that are destroying our planet are the industries that are saved. Richard Branson’s bid to have Virgin Atlantic bailed-out is a prime example.

Whether there is a public government bailout remains to be seen, but there is evidence there’s already a private one.

Johanna Bozuwa writes (The case for public ownership of the fossil fuel industry):

“The U.S. fossil fuel industry continues to seek bailouts during the COVID-19 crisis, as global oil demand craters and crude oil floods an already oversupplied market. These twin phenomena have combined to crash the price of oil, threatening the stability of the U.S. oil and gas sector. The federal government has responded by cutting environmental and public health regulations, prioritizing corporations over frontline workers and communities, and exploring appropriating billions of dollars to purchase oil surpluses to fill the Strategic Petroleum Reserve.1 Most recently, big banks are establishing holding companies to snap up financially shaky oil and gas companies, offering an ostensible private bailout.”

Read the entire article at Bella Caledonia.

Publication date: 2020-04-21
Parent publication: Bella Caledonia
Publication URL: https://bellacaledonia.org.uk/2020/04/21/oil-isnt-worth-anything-any-more/

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