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Oil rigs around the world keep pulling crude oil out of the ground, but the global pandemic has sent shockwaves into the market. The supply is up, but demand has plummeted now that industry has ground to a halt, highways are empty, and airplanes are parked in hangars.
EcoWatch Daily Newsletter
By Dave Cooke
So, they finally went and did it — the Trump administration just finalized a rule to undo requirements on manufacturers to improve fuel economy and reduce greenhouse gas emissions from new passenger cars and trucks. Even with the economy at the brink of a recession, they went forward with a policy they know is bad for consumers — their own analysis shows that American drivers are going to spend hundreds of dollars more in fuel as a result of this stupid policy — but they went ahead and did it anyway.
A case that has bounced around the lower courts for 13 years was finally settled yesterday when the U.S. Supreme Court upheld a lower court decision, finding oil giant Citgo liable for a clean up of a 2004 oil spill in the Delaware River, according to Reuters.
The Environmental Protection Agency (EPA) issued a policy memo yesterday that is an expansive relaxation of legally mandated regulations on polluting industries, saying that industries may have trouble adhering to the regulations while they are short-staffed during the coronavirus global pandemic, according to the AP.
Financial companies are increasingly being recognized — by their clients, shareholders, regulators, and the general public — as climate actors, with a responsibility to mitigate their climate impact. For the banks highlighted in this report, the last year has brought a groundswell of activism demanding banks cut their fossil fuel financing, at the same time that increasingly extreme weather events have further underscored the urgency of the climate crisis. Nevertheless, the report reveals that the business practices of the world's major private-sector banks continue to drive us toward climate disaster.
By Jon Queally
Climate action groups and progressive critics expressed disappointment and outrage on Friday afternoon after President Donald Trump — despite a continued failure to offer far-reaching support to the U.S. public — moved to bolster the bottom lines of oil and gas companies by announcing a massive federal purchase for the nation's Strategic Petroleum Reserve (SPR).