The US oil industry is flailing despite a $10 billion pandemic lifeline ...Middle East

The US oil and gas industry has received more than $10 billion from the federal government to cushion losses during the pandemic, according to a recent report analyzing federal financial data. That has offered a temporary reprieve even as the industries’ woes, which started well before the arrival of the coronavirus, have continued amid rock-bottom oil prices.A consortium of non-profits—Bailout Watch, PublicCitizen, and Friends of the Earth—analyzed federal data showing more than 26,000 fossil fuel companies have tapped US cash, loans, and equity purchasing programs since March. The money mostly came in the form of tax cuts and paycheck support for workers. In addition to that, they got some

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The US oil industry is flailing despite a $10 billion pandemic lifeline ...Middle East

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