Washington, D.C. — In response to the news that Treasury Secretary Stephen Mnuchin was considering setting up a lending facility for struggling oil companies, a representative of the Stop the Money Pipeline coalition issued the following reaction.
Jamie Henn, a spokesperson for the Stop the Money Pipeline campaign said:
“The Trump Administration is willing to deny out-of-work Americans the help they need in order to give a handout to Big Oil. Mnuchin still hasn’t gotten money to thousands of small businesses, yet he’s already hard at work trying to bailout the likes of ExxonMobil. The oil and gas industry got itself into this mess by racking up huge debts and overproducing their product. Our public dollars should be supporting families in need and funding a just transition for workers in the industry, not lining the pockets of greedy oil barons.”
Stop the Money Pipeline is a coalition of over 90 organizations working to stop the financing of fossil fuels. This Tuesday, the coalition released a press statement opposing efforts by the Independent Petroleum Association of America to access the Fed’s Main Street Lending Facility.
For more on why an oil and gas bailout is bad for the economy, country, and climate, see this recent oped from Stanford lawyer and finance expert Graham Steele.