May 07, 2020

Bloomberg Green: Warren Blasts ‘Bailout’ for Oil Companies as Trump Eyes Aid

The Trump administration shouldn’t create a special relief program to bolster oil and gas producers while ignoring companies with “legitimate needs” that have been harmed by the coronavirus, Senator Elizabeth Warren argued Thursday.

Oil companies “do not deserve special access to taxpayer-financed bailout funds at a time when millions of Americans are struggling to make ends meet,” the Massachusetts Democrat said in a letter to Treasury Secretary Steven Mnuchin.

Warren, a progressive who offered a vision of economic populism in a failed bid for her party’s presidential nomination, struck a similar chord in Thursday’s letter. It would be both “unjustified and unnecessary” to create a new taxpayer-funded program that gives non-creditworthy oil producers exclusive access to funding, especially when other loan programs can help companies weather the pandemic, she said.


Read the full article on the Bloomberg Green website here

By:  Jennifer A Dlouhy
Source: Bloomberg Green