The End of Oil? Pandemic Adds to Fossil Fuel Glut, But COVID-19 Relief Money Flows to Oil Industry

As the coronavirus pandemic contributes to a glut of fossil fuels, groups like Greenpeace are calling on Democratic presidential candidate Joe Biden to ban fossil fuel interests from his campaign and administration, if he wins, even as he recently declared at a campaign stop that he “will not ban fracking.” We discuss the politics of fossil fuels with reporter Antonia Juhasz, who says the end of oil could be near, and look at how the industry has profited from the COVID bailout. “The pandemic has taken essentially every weakness that already existed in the oil industry and then made each of them much, much worse, leaving the oil industry in a situation where I would argue it is at its weakest since its inception,” she says.

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[shaykespeeer]

Endless taxpayers money for wealth hoarders and corporations. Very little money for the other 99%. See the problem?

[scotthester]

All voters need to learn more about this. American's need to stop propping up the industry. Contact your legislators and inform them that we need to stand up against the oil and gas industry.

[allenkracalik]

Progressive wins are encouraging, let's hope they continue and that it's not too late!

[Dsullivann]

Ban fracking. No need for it given its negative environmental impact.

[gardnerhappy]

And yet our gas prices are over 3.25 in California. Just shows how powerful these oil companies are. And why are we bailing out large Corporations. We can’t get unemployment or stimulus checks for Americans.

[anitaperches]

GO PEOPLE's PARTY!!! GOOD JOB!!!
KEEP UP THE GOOD SPIRITS & YOU'LL GO FAR!!! BRAVO!!!

[richardowens]

Trump: "If there is democracy, I will lose. And, if there is the rule of law, I will be in prison. Therefore, I must destroy them both."

[GladBurgio]

Let these companies drink their oil instead of giving them a bailout. Doesn't anyone plan ahead for a rainy day? Oil companies are crying now after reaping trillions of dollars in profits for decades?

[DanA-nluo]

Time for Markey and AOC to endorse Shahid Buttar. After all as Nancy Pelosi said it is ok a democratic candidate will win her seat anyway even when she loses.

[DougGrinbergs]

8:21 Americans now own oil industry debt via BlackRock/Fed (:-(

[skqueen]

Continuing to pump oil is just like continuing to build houses and make cars when there is no one to buy them.

[abelincoln]

They only scream socialism when it’s help for the poor or the unemployed.

[njosborne]

Knowingly,
I will vote for
Biden just once over
The reign of Orange Death‼️

[tylerhackner]

We need more progressives in Congress ready to act on the biggest modern crisis of our time (other than Corona). We need pro-Green New Deal candidates! We need people like Ed Markey! Establishment Dems like Biden better be scared.

[joanmeijer]

So Biden isn't going to end fracking. Every time he opens his mouth he gives me reason not to vote for him. I clearly can't vote for Trump but I wish I felt better about Biden.

[ewalker]

Fracking is banning itself. It's expensive. The demand is down. Due to semi self isolation due to the pandemic, I haven't filled my car once. Did a cap off once of a half tank of gas once. Still have 3/4 tank.

[bobramsay]

It makes a little more sense to subsidize electric vehicles for a quicker change over than bail out oil producers doesn't it ? Not even considering the environmental plusses.

[JugglinJellyTake]

Really good article and a lot covered by Antonia Juhasz. The oil companies have demonstrated their arrogance once again continuing to pump oil while expecting bailouts. Only thing that wasn't clear is whether BP is moving downstream into petrochemicals where the profits are bigger. Petrochemicals are only around 2% of a barrel of oil but everything else is either burnt or laid on the roads. If we are going to divest from fossil fuels divestment is one but hitting the petrochemicals industry is another.

[robertmacdonald]

Peak oil happened in 2006,
So what is happening now,
Peak glut of oil in 2020?

[emiebex]

Hope so they stopped DAPL, but they wanna drill in Alaska's northern area, & Frack off the east coast. America needs to dump big oil & transition to Clean Green renewable Energy, like Wind, Solar, & Hydro.