Feds planning oil and gas bailout
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- Published on Sunday, 29 November -0001 16:00
- Written by editor
Workers need sensible support
Hi Paov,
It’s been a dizzying week. My heart goes out to everybody worried for their families, their livelihoods and their communities at this time — which is just about all of us I suppose.
With the federal government preparing their $82 billion economic stimulus package in response to the pandemic, we need to be smart about how to build resilience into our economy so it will withstand this crisis and be ready for future ones.
Let’s not try to catch a falling knife when we can shield people from it.
Late Thursday night, news broke that the federal government wants to use its bailout package partly for oil and gas companies who are facing oil prices as low as $5.43 per barrel. With pandemic measures gutting demand for oil and a price war between major producers flooding the market with supply, Alberta’s economy is reeling even more so than other provinces.
We know money is on the way and with your help, we can get this right. It looks like the federal government is preparing to give credit or funds to smaller companies while putting people to work cleaning up orphan oil and gas wells.Support for workers must be the top priority across all industries. Buying shares or providing loan guarantees to failing companies is remiss when that money can be used directly to help oil and gas workers weather this storm. While reclaiming wells is necessary, the program needs accountability to be successful.
Will you join us in asking the federal government to use its money to support workers? Write Now These are extremely challenging times. No one has a clear idea what the months ahead will be like. Let’s help each other through this because the world on the other side of this nightmare is worth caring for.
With love and solidarity,
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