Twenty House Democrats sent a letter to President Donald Trump on Tuesday urging him not to bail out the oil and gas industry over the coronavirus crisis, saying they fear the move would hurt efforts to fight climate change.
"Diverting public funds to bail out this industry will do nothing to stop the spread of this deadly virus or provide relief to those in need," reads the letter headed up Rep. Nanette Diaz Barragán, D-Calif.
The Hill first reported on the letter.
"A bailout tells the American public that fossil fuel investors can rely on U.S. taxpayers to cover their bills when the industry’s corporate executives’ risky investments don’t pan out," the letter continued.
"Using this public health crisis as an excuse for another giveaway to the fossil fuel industry is badly misguided. It would only worsen the climate crisis," the lawmakers wrote. "A corporate bailout for oil and gas industry is not the answer to either crisis."
Trump announced Friday that the government would buy up to 77 billion barrels of oil to help the industry as prices fall amid a price drop by Russia and Saudi Arabia. The COVID-19 pandemic also has contributed to the sharp drop in oil prices.
American shale drillers fear shutting down operations altogether with prices currently at or below $30 a barrel.
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