President Donald Trump on Tuesday promised the $181 billion oil and gas industry a federal bailout, after the price of oil suffered historic drops even after Trump last week declared victory when he personally intervened with OPEC. On Monday the price of oil futures for May contracts dropped below zero, for the first time in history. As the photo shows, Trump met with Big Oil executives earlier this month in the White House. In the foreground is Darren Woods, Chief Executive Officer of ExxonMobil.
What’s causing the prices of oil and gas to drop is people are staying home because of coronavirus. Demand has dropped dramatically, although the prices at the pump have not dropped equally.
The oil and gas industry is among the wealthiest in the world, so Americans seeing Trump’s tweet are now furious. Hospitals and even doctors offices are struggling amid reports some are or will be forced to close permanently as a result of the pandemic – or rather, as a result of the federal government’s mismanagement of the pandemic. State and local governments are desperate for funding as they face dramatically reduced revenue while having to spend tremendous amounts to fight against the virus. And the American public didn’t get a bailout. Some received one-time payments of $1200 or less.
Meanwhile, Trump in 2016 received over $1 million in campaign donations from Big Oil.
Some noted the oil and gas industry already gets billions of taxpayer dollars in subsidies, some noted Trump’s close relationship with top executives, some noted if it happens there should be strings attached to force them to go green, and some demanded the federal government protect the Postal Service before Big Oil.
What about capitalism? Isn’t that supposed to dictate investment? We need to be investing in clean renewable energy. We have a finite supply of oil. Just like COVID19 the Republican Party cannot forward think, plan at all beyond their own interests and donors. Profit over people
— ♻️🇺🇸 Christopher Zullo (@ChrisJZullo) April 21, 2020
And there it is. A bailout for the oil industry, which is already subsidized by US taxpayers.
But sure, Trump’s a populist.
— Brian Tyler Cohen (@briantylercohen) April 21, 2020
trump is going to bailout oil and gas companies while forcing states to slash services and fire countless civil servants pic.twitter.com/8NgcFAp5fr
— b-boy bouiebaisse (@jbouie) April 21, 2020
Can someone please explain to me how oil and airlines get a gov bailout but somehow I am expected to keep 6 months cash in savings?
— Meghan (@Thisisnotmeghan) April 21, 2020
An oil company bailout. Let’s see how that plays with people trying to survive on their one-time stimulus checks. https://t.co/VN6ZIHDIfv
— The Hoarse Whisperer (@HoarseWisperer) April 21, 2020
If Trump asks for an oil bailout, remind him of the favors he’s already done for them, including his ongoing effort to undo the safeguards put in place after the Deepwater Horizon disaster. As we’ve seen with COVID-19, we pay a huge price when he dismantles safety measures.
— Senator Chris Van Hollen (@ChrisVanHollen) April 20, 2020
If there’s one industry that needs a bailout, it’s the oil and gas industry, which is ‘s heavily subsidized, pays virtually no taxes, and completely exploits our natural resources for their own profit.
— Zack (@DisasterDudeVT) April 21, 2020
— Bill Pascrell, Jr. (@BillPascrell) April 21, 2020
Tomorrow is the 50th anniversary of Earth Day, we have the oil companies on their knees, and it would be insanely foolish to hand them a bailout without a lot of strings attached like the public taking on equity in them and having them commit to going green in short order
— Scott Menor (@smenor) April 21, 2020
Some discussion on forums that Trump wants to help out oil companies. Part of that aid is to help them pay for capping wells. GOP loves that corporate welfare.
— Liberal American (@LiberalUSA1) April 21, 2020
If you’d like to bail out the oil industry(or any other large industry that uses tax shelters) before USPS I’m gonna need you to bailout off the 480 bridge https://t.co/JdtLFuA0zg
— Adam Reed Cahill (@AdamRCahill) April 21, 2020
Will the bailout for Big Oil be finalized before or after everyone’s May rent is due?
— Eric Reif (@esreif) April 21, 2020
Trump more focused on bailing out big oil companies than the mom and pop businesses that are truly the backbone of America. Trump simply doesn’t get America.
— (((DeanObeidallah))) (@DeanObeidallah) April 21, 2020
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