Outside the Box: Don’t use coronavirus to bail out oil and gas companies

Outside the Box: Don’t use coronavirus to bail out oil and gas companies

Opinion: Don't use coronavirus to bail out oil and gas companies. The recession led to millions losing their homes to foreclosure.. Public transit systems have plummeting ridership, transit systems are cutting service , and mass transit layoffs could be just around the corner.. But Trump administration and Republican Senate, which have taken huge sums from the fossil fuel industry , are using the possibility of a recession to bail it out.. The proposals include a purchase of 30 million barrels of oil (an amount that could go up to 77 million barrels) for the Strategic Petroleum Reserve, an emergency stockpile of oil held by the U.S.. The current oil price slump is occurring at a time of already low prices, for which U.S. overproduction is largely to blame.. The U.S. is now the world's largest producer of both oil and gas, and is expected to account for 70% of the increase in global oil production and 75% of the growth of liquefied natural gas trade over the next 5 years.. If fossil-fuel workers are being displaced, they can be fast tracked into jobs growing these industries that are vital for