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America’s small businesses are facing hardship because of a dramatic, unexpected loss of business due to the COVID19 pandemic. But it’s come to light that the Trump administration has pushed to allow billions in CARES Act funds to pay off the debt of the fossil fuel industry—debt incurred way before the current pandemic.
Some in Congress are working to prevent that, as well as other bailouts of Big Oil and Gas underway by the administration. It’s called the ReWind Act and those proposing it say it’s needed to keep the Trump administration from using the CARES Act to transfer enormous amounts of wealth from taxpayers to oil companies.
They hope to include the ReWind Act in the new CARES Act package being worked on now. The Act has been referred to the Committee on Energy and Natural Resources.
Francesca spoke with Jim Walsh of Food and Water Watch about the proposed legislation. He’s a Senior Energy Policy Analyst for Food & Water Watch.
With COVID19 causing lockdowns throughout the globe, demand for oil has plummeted. The bottom has fallen out of the petroleum market. What long term impacts could that have on how we power our economies?
