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President Trump Pledges Fossil Fuel Bailout as Oil Prices Fall Below Zero

HeadlineApr 22, 2020

President Trump promised Tuesday to bail out U.S. fossil fuel producers, after an unprecedented collapse in oil markets pushed benchmark crude prices into negative territory, meaning some traders were paying customers to offload oil. On Tuesday, Trump tweeted, “We will never let the great U.S. Oil & Gas Industry down. I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!”

In response, journalist and activist Naomi Klein wrote, “Democrats need to counter with a sweeping plan to cover the full salaries of fossil fuel workers while they retrain for the clean economy. Time to wind down this abusive industry that has always relied on massive public subsidies.”

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