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Volatile Oil Market Shows the Need for a World Beyond Fossil Fuels

by Ryan Schleeter

April 20, 2020

We cannot allow our government to spend trillions to return to the past while the path to a clean energy future is right in front of us.

Today, oil prices plummeted to record lows, even hitting negative valuation at one point [1]. In response, Greenpeace USA Senior Climate Campaigner Jack Shapiro said:

“This week’s price crash — like last week’s and the week before — is not just another boom and bust cycle. Economists have warned that fossil fuels are a risky investment for years. The best support we can give to workers and families who depend on the fossil fuel industry right now is to begin a just transition to renewable energy, invest in job retraining opportunities, guarantee pensions, benefits, and wage insurance, and strengthen unions along the way.

“We need a Green New Deal and a world beyond fossil fuels, one in which working people’s needs are placed before oil corporations. If the oil CEOs have it their way, wealthy executives and shareholders will be insulated from the effects of market volatility, leaving workers and taxpayers to pay the price. We cannot allow our government to spend trillions to return to the past while the path to a clean energy future is right in front of us.”

ENDS

Notes:

[1] https://www.nytimes.com/2020/04/20/business/stock-market-live-trading-coronavirus.html

Contact: Ryan Schleeter, Senior Communications Specialist, Greenpeace USA: +1 (415) 342-2386, [email protected]

Ryan Schleeter

By Ryan Schleeter

Ryan Schleeter is a senior communications specialist with Greenpeace USA covering climate and energy. His writing has appeared in National Geographic, Grist, GreenBiz, EcoWatch, and more. Find him on Twitter @ryschlee.

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