Fed's Corporate Debt-Buying Could Mean Billion-Dollar Big Oil Bailout
By Jessica Corbett
As calls for a People's Bailout in response to the coronavirus pandemic continue to grow across the United States, a new analysis warns that the country's Big Oil companies "stand to reap yet another billion dollar bailout" thanks to the Federal Reserve's plans to buy up to $750 billion in corporate debt.
The analysis (pdf), released Wednesday by the advocacy group Friends of the Earth (FOE), explains that this expected bailout for polluters relates to a controversial $500 billion corporate slush fund included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that Congress passed in March.
According to FOE's report, The Big Oil Money Pit:
Of that amount, Treasury Secretary Steven Mnuchin enjoys direct control over a comparatively small $46 billion reserved for aviation and industries deemed essential to "national security." But the remaining $454 billion went to the Federal Reserve, which will use the money to implement emergency lending programs for corporations and municipalities. Secretary Mnuchin must approve these lending programs and wields considerable power over their design, but the money itself will move through the Fed.
After weeks of unprecedented human suffering and an ongoing failure to support frontline workers, the Fed announced on April 9, 2020 how it would spend the first $195 billion of the slush fund. A full $75 billion would go to buy corporate debt. But because the Fed can leverage money appropriated by Congress, the real size of this program is $750 billion. Considering that a majority of the money from the first stimulus [is] still unspent, there is plenty of room for this program to grow.
FOE found that the fossil fuel giants ExxonMobil, Chevron, and Conoco "are together eligible for a maximum $19.4 billion in benefits, based on their credit ratings and outstanding long-term debt."
NEW ANALYSIS: Trump’s admin just announced a $750 billion corporate slush fund -- money that will enrich oil execs… https://t.co/9fz8NWZzDv— Friends of the Earth (@Friends of the Earth)1586967067.0
The Fed has hired BlackRock, the world's largest asset manager, to administer part of its debt-buying efforts related to the pandemic. "As BlackRock begins purchasing 'high yield' exchange-traded funds (ETFs) to bolster corporate debt markets," FOE warns, "energy companies (predominantly oil and gas) stand to benefit disproportionately as the largest single issuer of junk bonds, at 11% of the entire U.S. market."
Other key takeaways from the report include:
- There are 12 fracking-focused oil and gas companies that could potentially qualify for the new program. Together, they may be eligible for over $24.1 billion in potential benefits.
- Major fracking company Continental Resources, whose debt was recently downgraded to below investment grade by S&P, is potentially eligible for as much as $1.5 billion under new, weaker standards announced by the Federal Reserve.
Echoing climate campaigners' comments after President Donald Trump met with fossil fuel executives at the White House earlier this month, FOE senior policy analyst Lukas Ross said in a statement Wednesday that "oil company bailouts are simply throwing good money after bad."
"Congress and the Democrats must stop this endless stream of handouts to an industry that is exploiting a public health crisis for financial gain," Ross declared. "These potential payoffs to major campaign contributors are the least efficient way of re-starting the economy and will just serve to enrich oil executives."
"Oil companies are trying to punt the financial reckoning of their fracking debacle and Congress should not enable their addiction with public tax dollars," he added. "Instead of pumping money into an irresponsible industry that plays shell games with its debt, Congress should focus on providing direct support to workers and communities on the frontlines of coronavirus."
As the Trump administration has tried to spend billions of taxpayers dollars to "fill up" the country's Strategic Petroleum Reserve (SPR) and major banks are reportedly preparing to take over fossil fuel assets with CARES Act funding, climate action advocates have charged that "we need a people's bailout, not a polluters' bailout!"
Hundreds of community leaders, lawmakers, and groups—including FOE—have joined the demand for Congress to pursue a people's bailout guided by five key principles:
The response to one existential crisis must not fuel another. Let's not perpetuate the status quo of fossil fuel pr… https://t.co/VJPOCAFuxd— Sierra Club (@Sierra Club)1586888707.0
The new FOE report includes some specific calls to action directed at Congress:
- Prioritize direct aid to still neglected workers and communities on the frontlines of the crisis.
- Engage in aggressive oversight to ensure BlackRock does not benefit unfairly from purchasing its own products or needlessly bolster fossil fuel assets.
- Eliminate Secretary Mnuchin's authority to waive crucial protections banning companies receiving bailouts stock buybacks.
- Make future stimulus aid conditional on new and binding protections for workers and the environment.
- Make oil, gas, and coal companies ineligible for support from existing stimulus programs, unless it is conditioned on a phaseout of existing production and an iron-clad commitment to existing pension and environmental liabilities.
"Much more work needs to be done, both to support workers and families in the face of COVID-19 and to prevent a runaway bailout of the fossil fuel industry," the report says. "Congress cannot afford to wait."
Reposted with permission from Common Dreams.
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By Liz Kimbrough
Six grassroots environmental activists will receive the prestigious Goldman Environmental Prize in a virtual ceremony this year. Dubbed the "Green Nobel Prize," this award is given annually to environmental heroes from each of the world's six inhabited continents.
Kristal Ambrose, the Bahamas<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzI3MC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1MDM5NTk5MX0.fdMrrUqf0HvWq0Uh0Ii3mXxJczHPyN1jcnSsQoXoerE/img.jpg?width=980" id="b9e66" class="rm-shortcode" data-rm-shortcode-id="b8b8777f7964bb7100672b3be0abf3fe" data-rm-shortcode-name="rebelmouse-image" />
Kristal Ambrose. Goldman Environmental Prize
Chibeze Ezekiel, Ghana<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzM2MS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1MTgzOTE3OX0.KoEZr3oMPKbeG2uT8q-ZsGPOGtIZ3l6V6NXEK5U90FU/img.jpg?width=980" id="65224" class="rm-shortcode" data-rm-shortcode-id="6ec640a8ba56a4db22b57e4f8734a7a4" data-rm-shortcode-name="rebelmouse-image" />
Chibeze Ezekiel. Goldman Environmental Prize
Nemonte Nenquimo, Ecuador<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzM2Ny9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYwNzYxODYwM30.cys5ZsFGd75UcjybADGBPFt20jrzgrsFujoj_qMTK4E/img.jpg?width=980" id="96b5a" class="rm-shortcode" data-rm-shortcode-id="0778ab7334e3297e0ead52d5fd1499e5" data-rm-shortcode-name="rebelmouse-image" />
Nemonte Nenquimo. Goldman Environmental Prize
Leydy Pech, Mexico<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzQwNy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0NzkzOTYzOH0.uHlN2FQoJJ_KFJWTn4oL__lDyjA0-HDnxewBhwgQRVg/img.jpg?width=980" id="9ab07" class="rm-shortcode" data-rm-shortcode-id="ccc347126d4ce9ddbb3b9c1b4673391b" data-rm-shortcode-name="rebelmouse-image" />
Leydy Pech. Goldman Environmental Prize
Lucie Pinson, France<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzQxMS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2NzE0NTU1NX0.OutmX3sfl4pMaoYssTQ4zk7Y14_hans7-Z-0B0xsjfM/img.jpg?width=980" id="4bcd7" class="rm-shortcode" data-rm-shortcode-id="4bff14750dc0a70fc79e9484ea2bdbd4" data-rm-shortcode-name="rebelmouse-image" />
Lucie Pinson. Goldman Environmental Prize
Paul Sein Twa, Myanmar<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0NzQxNS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1NDAyNjU0MH0.DHrKykngmcJyJ5rn4r91ANH7FmQ7Us6ZMEOis8yAzGY/img.jpg?width=980" id="8fa36" class="rm-shortcode" data-rm-shortcode-id="0e703d62288df00931cd678c861c6e0b" data-rm-shortcode-name="rebelmouse-image" />
Paul Sein Twa. Goldman Environmental Prize
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By Philip James
As the days shorten and temperatures drop in the northern hemisphere, leaves begin to turn. We can enjoy glorious autumnal colors while the leaves are still on the trees and, later, kicking through a red, brown and gold carpet when out walking.
Reaching the Limit<p>The researchers, led by Deborah Zani at the Swiss Federal Institute of Technology, studied the degree to which the timing of color changes in autumn tree leaves was determined by the growth of the plant in the preceding spring and summer.</p><p>Temperature and day length were traditionally accepted as the main determinants of when leaves changed color and fell, leading <a href="http://max2.ese.u-psud.fr/publications/Delpierre_2009_AFM.pdf" target="_blank" rel="noopener noreferrer">some scientists</a> to assume that warming temperatures would delay this process until later in the season. Studying deciduous European tree species, including horse chestnut, silver birch and English oak, the authors of the new study recorded how much carbon each tree absorbed per season and how that ultimately affected when the leaves fell.</p><p>Using data from the <a href="https://www.researchgate.net/profile/Barbara_Templ/publication/323254030_Pan_European_Phenological_database_PEP725_a_single_point_of_access_for_European_data/links/5a8bf0dba6fdcc6b1a442ef2/Pan-European-Phenological-database-PEP725-a-single-point-of-access-for-European-data.pdf" target="_blank" rel="noopener noreferrer">Pan European Phenology Project</a>, which has tracked some trees for as long as 65 years, the researchers found in their long-term observational study that as the rate of photosynthesis increased, leaves changed color and fell earlier in the year. For every 10% increase in photosynthetic activity over the spring and summer growing season, trees shed their leaves, on average, eight days earlier.</p><p>Climate-controlled experiments on five-year-old European beech and Japanese meadowsweet trees suggest what could be behind this unexpected result. In these trials, the trees were exposed to full sun, half shade or full shade. The results show that there is a limit to the amount of photosynthesis that a tree can carry out over a growing season. Think of it like filling a bucket with water. It can be done slowly or quickly, but once the bucket is full, there is nowhere for any more water to go.</p>
Earlier Autumn Colors<p>In a world with increasing levels of <a href="https://public.wmo.int/en/media/press-release/carbon-dioxide-levels-continue-record-levels-despite-covid-19-lockdown#:%7E:text=The%20annual%20globally%20averaged%20level,per%20million%20benchmark%20in%202015." target="_blank" rel="noopener noreferrer">carbon in the atmosphere</a>, these new findings imply that warmer weather and longer growing seasons will not allow temperate deciduous trees to take up more carbon dioxide. The study's predictive model suggests that by 2100, when tree growing seasons are expected to be between 22 and 34 days longer, leaves will fall from trees between three and six days earlier than they do now.</p><p>This has significant implications for climate change modeling. If we accept that the amount of carbon taken up by deciduous trees in temperature countries like the UK will remain the same each year regardless of the growing season, carbon dioxide levels will rise more quickly than was previously expected. The only way to change this will be to increase the capacity of trees to absorb carbon.</p><p>Plants that aren't limited by the amount of nitrogen available may be able to grow for longer in the warming climate. These are the trees which can take nitrogen from the air, such as <a href="https://www.woodlandtrust.org.uk/trees-woods-and-wildlife/british-trees/a-z-of-british-trees/alder/" target="_blank">alder</a>. But these species will still lose their leaves at roughly the same time as always, thanks to less daylight and colder temperatures.</p><p>But on the upside, with the prospect of some trees losing their leaves earlier and others losing them at the time they do now, there might be the prospect of prolonged autumnal colors – and more time for us to kick through the leaves.</p>
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By Kang-Chun Cheng
Modoc County lies in the far northeast corner of California, and most of its 10,000 residents rely on cattle herding, logging, or government jobs for employment. Rodeos and 4-H programs fill most families' calendars; massive belt buckles, blue jeans, and cowboy hats are common attire. Modoc's niche brand of American individualism stems from a free-spirited cowboy culture that imbues the local ranching conflict with wild horses.
The History of Horse Management<p>Before the 1950s, feral horses were largely unregulated in the U.S. They were released, grazed, captured, killed, sold, and otherwise <a href="http://www.blm.gov/sites/blm.gov/files/WHB-Report-2020-NewCover-051920-508.pdf" target="_blank" rel="noopener noreferrer">managed by local inhabitants</a> as they saw fit. Around that time, Velma Bronn Johnston, aka "Wild Horse Annie," started raising public awareness of the "perceived inhumane capture and treatment of free-ranging herds."</p><p>Thanks in part to Johnston's efforts, the Wild Free-Roaming Horses and Burros Act was signed into law by President Nixon in 1971. It declared that the animals "shall be protected from capture, branding, harassment, or death; and to accomplish this, they are to be considered in the area where presently found, as an integral part of the natural system of the public lands."</p><p><a href="http://science.sciencemag.org/content/341/6148/847.full" target="_blank" rel="noopener noreferrer">This act</a> has been amended four times since its conception to accommodate the fluctuating opinions and conditions around maintaining a "thriving natural ecological balance on the public lands"—an admirable although highly subjective goal. Achieving it involves juggling competing interests: those of local residents, permanent grazers, hunters and fishers, advocacy groups, conservationists, and Indigenous tribes.</p><p>The Bureau of Land Management must manage these many conflicting interests. Modoc County's <a href="https://www.fs.fed.us/wild-horse-burro/territories/DevilsGardenPlateau.shtml" target="_blank">Devil's Garden Plateau Wild Horse Territory</a> epitomizes the challenges of this task. Officially deemed wild horse territory, the garden consists of 258,000 acres and is wholly within permitted livestock allotments. It is also home to wildlife such as cougar, antelope, migratory birds, and aquatic species dependent on delicate high-desert riparian areas.</p><p>The presence of wild horses has been shown to <a href="https://www.sciencedirect.com/science/article/pii/S014019631530094X" target="_blank">decrease native wildlife species diversity</a> for both birds and mammals. Pronghorn antelope are an icon in Western grasslands, known for their annual 350-mile migration along historic routes estimated to be 5,800 years old. This awe-inspiring trek is one of the longest large-mammal migration corridors remaining in North America, but 75% of <a href="http://conbio.onlinelibrary.wiley.com/doi/abs/10.1111/j.1523-1739.2004.00548.x" target="_blank" rel="noopener noreferrer">pronghorn migration routes</a> have already been lost because of disturbances from the accelerated leasing of public lands and energy development. Horses also affect the pronghorn's yearly migrations by <a href="http://www.sciencedirect.com/science/article/pii/S014019631630218X" target="_blank" rel="noopener noreferrer">monopolizing watering holes</a>, thus preventing native species from drinking.</p>
Indigenous Support for Ecological Balance<p>Ken Sandusky, a public information officer who has worked for the Forest Service in Modoc County for 13 years, lives by his station's mission statement: "Caring for the Land and Serving People." In his work, Sandusky aims to include the broad range of stakeholders and often acts as a tribal liaison. Sandusky himself is a member of the Choctaw tribe of Oklahoma, but as a Modoc native, is more culturally in touch with the local Klamath tribe.</p><p>When it comes to rangeland health, he says, there's a tangible split in what that actually means. "It depends on what you are measuring the outcome against," Sandusky explains. Range managers may perceive progress from a year-to-year basis, but to many Indigenous tribes, the baseline for "progress" goes back generations, to pre-contact times. "They have long memories," he says. "Tribes see damage that is a hundred-plus years in the making."</p>
A Willingness to Try New Things<p>"Americans don't know what's happening on these lands," says Suzanne Roy, the executive director of the American Wild Horse Campaign, an advocacy organization. The Bureau of Land Management, she says, "is run by and for the livestock industry. They come from a ranching background. The term 'rangeland' management itself illustrates how livestock management is the dominant perspective."</p><p>Roy is particularly concerned about how resources are being allocated: "Policies of land management agencies don't reflect the desires and interests of the public." To illustrate, most Americans associate public lands with national parks and environmental conservation; only 29% of respondents to a recent poll considered livestock grazing an acceptable use of those lands.</p><p>Grazing on public lands certainly aligns with the financial interests of cattle ranchers and helps explain why they insist on increased wild horse management. Cattle can <a href="http://fas.org/sgp/crs/misc/RS21232.pdf" target="_blank">graze on public lands</a> for $1.35 per animal per month, while grazing on comparable private land costs ranchers $23 per animal per month (American taxpayer dollars make up the difference). To be fair, though, small-scale ranching would not be viable without public lands.</p><p>The campaign hopes to work toward more equitable resource allocation and improvements to overall habitats for horses and wildlife generally. "There are workable solutions to this issue," Roy says. "Common pushback from rangers is that new conservation strategies will 'destroy our way of life,' but change doesn't have to be bad."</p><p>The <a href="https://www.sciencedirect.com/science/article/abs/pii/0362331994900264" target="_blank">social conservatism</a> intrinsic to human cultures makes change seem daunting and people reluctant to try new tactics even in the face of suboptimal systems. Roy uses a case in adjacent Marin County to illustrate: Until 2001, the county ran a USDA program focused on killing apex predators (e.g. coyotes, mountain lions, and cougars) in defense of livestock. Unfortunately, this strategy fails to take into account the science of predators. Killing one mountain lion, for example, creates a vacuum and will eventually lead to increased competition for this newly available territory. In 2001, Marin introduced a country-run program that promoted nonlethal methods such as fox lights, guard dogs, and fladry to deal with predator incidents while compensating ranchers for sheep and lambs lost to predation.</p><p>Ranchers were initially livid, concerned that bans on shooting and trapping hindered their rights, making them defenseless against livestock predation. But 15 years later, a majority agreed that this form of humane <a href="http://www.projectcoyote.org/wp-content/uploads/2016/10/Camilla-Fox-Thesis-FINAL-January-2008.pdf" target="_blank" rel="noopener noreferrer">adaptive management </a>has successfully reduced both livestock losses and the total number of predators. Ensuring its continued success, the program requires active participation on behalf of all stakeholders and long-term commitment from the local government for support.</p><p>As one fifth-generation sheepherder, Gowan Batiste, explained in an interview to the <a href="https://www.msn.com/en-us/news/us/mendocino-county-rancher-and-others-calling-for-non-lethal-wildlife-management/ar-BB16CJ8g" target="_blank" rel="noopener noreferrer">Ukiah Daily Journal,</a> "Livestock is a food of desperation for predators; the more you harass them and make life difficult for them, the more likely they are going to come into conflict with humans."</p>
Keeping Wild Horses in Check<p>When it comes to wild horses, many solutions are already in the works. Through annual autumn wild horse roundups, known as gathers, the Double Devil Wild Horse Corrals has become one of the U.S.'s most successful adoption sites. The California Cattlemen's Association, a nonprofit trade association and organization popular among ranchers in Modoc, urges its members to support the wild horse gathers in Devils Garden, saying they are humane, good for the horses themselves (since competition for scarce water and forage resources may instigate aggression and <a href="https://onlinelibrary.wiley.com/doi/epdf/10.1111/j.1439-0310.1981.tb01930.x" target="_blank" rel="noopener noreferrer">herd violence</a>), and necessary to support local ranchers and Modoc's agriculture-reliant economy.</p><p>Another popular solution for controlling wild horse populations is a fertility-control vaccine called PZP, given to female horses on the range <a href="https://www.youtube.com/watch?v=Ur7w3UPTCsk" target="_blank" rel="noopener noreferrer">using dart guns</a>. Mares are tracked on foot or with game cameras while drones are used to locate more elusive herds. The PZP vaccine has been endorsed by the American Wild Horse Campaign as the "<a href="https://americanwildhorsecampaign.org/fertility-control" target="_blank" rel="noopener noreferrer">most promising strategy</a>" for managing wild horses in their habitats and is also recommended by the National Academy of Sciences. Importantly, a dose of the vaccine only costs $30.</p><p>Lastly, land acquisition and <a href="https://americanwildhorsecampaign.org/equitable-share-resources" target="_blank">grazing lease buyouts</a> can promote equitable sharing of public lands and available forage. Acquiring key pieces of land adjacent to or within federally designated wild horse habitat areas can reduce conflicts over resource allocation.</p>
A Global Search for Solutions<p>Pastoralists all over the world face similar land-use conflicts, despite huge variations in climate and culture. The ongoing situation across rural California resonates with that of Fulani cattle herders in Niger and Sami reindeer herders in the Arctic.</p><p>Herders everywhere are accused of having too many animals or are perceived as selfish and irresponsible by their own communities. Overgrazing is certainly an issue, but it's not simply the number of animals that matters: The <a href="https://savory.global/holistic-management/" target="_blank">amount of time</a> animals spend in a certain area is critical to rangeland health. And in the context of such allegations, the ecological value of grazing is frequently omitted. Grazers, both wild and domestic, <a href="https://www.yesmagazine.org/issue/food-everyone/2019/02/04/restoring-the-range-can-beef-be-earth-friendly/" target="_blank" rel="noopener noreferrer">are key to regulating soil health and allowing for species diversity and coverage, </a>as well as efficient carbon sequestration.</p><p>Part of the problem in these heated grazing debates is that moderate viewpoints are drowned out by extremist agendas—those who prioritize wild horse populations at all costs and those who want all of the horses gone, period. "The majority of people don't really have strong views about the horses," Sandusky says. "But the ones who do can get really into it." These unwavering views make it difficult to find compromises that account for all stakeholders.</p><p>"There is no biological problem, merely a social one," says professor Nicholas Tyler, a pastoralism expert at the University of Tromsø in northern Norway. Tyler maintains that in the case of horses and cattle in the West, as with so many others, the so-called equilibria argument is specious and quasi-biological. "Certainly a lot of horses will influence the species composition," he says. "Remove the horses, things change. Add horses, things change again. There is nothing magical about that."</p><p>But Tyler takes it one step further: "There never was, is, or will be a balance. There are shifting equilibria, which is something quite different," he says. "It is up to the community to decide which state of that equilibrium it prefers."</p>
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