New York, New York — Today, sources from US banks JPMorgan Chase & Co (JPM.N), Wells Fargo & Co (WFC.N), Bank of America Corp (BAC.N) and Citigroup Inc (C.N) reported that each are in the process of becoming operators of oil and gas assets around the country. The move, which has not been executed since the late 1980s, comes as oil prices plunge and energy companies around the country begin to declare bankruptcy.
In response to the news that US banks are seizing their bankrupt assets, Caroline Henderson, Senior Climate Campaigner with Greenpeace USA, said:
“If the Fed and these banks rescue already failing oil and gas companies instead of winding their operations down, taking care of their workers, and retiring their unburnable reserves, they are deepening the risks of the COVID-19 crisis. These financial institutions are fueling future public health threats and systemic financial risks that are the certain consequence of climate change.
“Taxpayers shouldn’t be required to backstop oil and gas companies that were already in trouble prior to the pandemic.”
Contact:
Katie Nelson, Strategic Communications Specialist, Greenpeace USA: +1 (678) 644-1681, [email protected]
