CARES ACT Oil and Gas Benefits
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, signed into law by President Donald on March 27, 2020, is a $2.2 trillion economic stimulus bill passed by the 116th US Congress.
While the bill was intended as a panacea for the American economy and its workers, thanks to lobbying efforts, trump-appointed administrators and conservative politicians, the bill became an effective bailout for the fossil fuel industry.
More than 26,000 coal, oil, and gas companies benefited directly from stimulus efforts, receiving more than $110 billion in (including over $15 billion in direct support).
At least $5.5 BILLION in tax benefits to 70 MONEY-LOSING DIRTY ENERGY COMPANIES. This number is expected to grow.
$582 MILLION in direct, subsidized loans through the Federal Reserve’s Main Street Lending Program to 37 MID-SIZED FOSSIL FUEL AND RELATED COMPANIES.
The program caters to them by design. $4.3 TO $9.1 BILLION in forgivable loans to at least 25,931 COMPANIES through the Small Business Administration’s Paycheck Protection Program The exact sizes of some loans were not disclosed. At least 229 OIL AND GAS COMPANIES enjoyed waivers of fees normally paid to drill on public land, giveaways that cost the government a minimum of $4.5 MILLION in lost revenue, likely far more. Half of the quantifiable direct and indirect benefits, totaling $54.2 BILLION, went to just 66 COMPANIES.