How Big Oil Exploited the COVID-19 Pandemic
Drilled
Pushkin Industries
4.6 • 2.4K Ratings
🗓️ 28 March 2020
⏱️ 22 minutes
🧾️ Download transcript
Summary
The oil and gas industry was headed for financial collapse long before COVID-19, but now the Trump administration wants to use the pandemic to put it on life support. Meanwhile, the American Petroleum Institute is using the pandemic to get the industry's deregulation wishlist.
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| 0:00.0 | After a chaotic 24 hours, this bill passed the house in under a minute with a chorus of |
| 0:08.3 | voice votes supporting the $2 trillion historic rescue. |
| 0:27.8 | It's Friday, March 27, 2020, and the United States Congress has just passed the largest |
| 0:35.0 | stimulus bill in its history. |
| 0:37.3 | It keeps being reported as a quote-unquote $2 trillion stimulus bill, which sounds like |
| 0:43.0 | a lot of money, but a fairly meaningless amount will go to taxpayers. |
| 0:46.7 | The big winners here are corporations and big industry. |
| 0:51.2 | Oil execs have got to be clicking their damn heels right now. |
| 0:55.2 | We're going to explain why in this episode. |
| 0:57.8 | In season three, we traced the creation of big oils, big propaganda machine, and now we |
| 1:02.6 | have a perfect example of why they spent so much effort, and money, and years building |
| 1:08.8 | it. |
| 1:09.8 | Only an industry that has convinced both political leaders and the public that it is an essential |
| 1:14.8 | part of the economy, national security, and really what it means to be American could |
| 1:20.6 | get away with what big oil is doing right now. |
| 1:25.2 | Welcome back to Drilled. |
| 1:26.2 | I'm Amy Westerville. |
| 1:35.7 | There are three key things to know about what was happening with the oil and gas industry |
| 1:40.4 | long before the coronavirus pandemic hit. |
| 1:44.4 | First, shale gas companies, also known as fracking companies, had racked up tens of billions |
| 1:50.2 | of dollars of debt, and those loans are all coming due soon. |
| 1:54.3 | Somewhere between 2020 and 2027. |
... |
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