Oil Firms That Bought Back Stock Got $15.5 Million In Coronavirus Funds

"At least two oil and gas firms that boosted investors' portfolios by buying back stock in 2019 received $15.5 million this year from a program designed to rescue small businesses gutted by the coronavirus pandemic.

Those petroleum companies are among several across the U.S. economy that critics say inflated the value of their shares in recent years with buybacks and other measures that ultimately left less cash on hand to pay employees and deal with the unforseen pandemic.

The Trump administration and Congress are facing a broader backlash over the effectiveness of the Paycheck Protection Program, which was designed to aid companies during the pandemic with fewer than 500 workers by offering loans that are forgivable if employers keep workers on the payroll. "

Dino Grandoni reports for the Washington Post with Paulina Firozi May 12, 2020.


"Energy Chief Said Administration Asked Fed To Expand Lending For Oil Companies" (The Hill)

"Hoyer Backs Oil Purchases As Dems Release COVID-19 Bill" (Greenwire)

"Democrats Press Energy Companies To Return Relief Funds" (E&E Daily)

"US Fossil Fuel Giants Set For A Coronavirus Bailout Bonanza" (Guardian)


Source: Washington Post, 05/13/2020