If you haven’t noticed, today crude oil prices have totally collapsed on Wall Street, at one point trading at nearly negative $40.00 a barrel. That’s 40 dollars below zero.
In the meantime, over the past several months, as the impending oil collapse became crystal clear to most everyone, the U.S. Bureau of Land Management and U.S. Forest Service continued to auction off public lands for fracking and oil and gas development for fire-sale prices.
On April 9, the Trump administration even released a final plan to expand drilling and fracking and other fossil fuel extraction across southwestern Colorado for the next two decades as part of the Bureau of Land Management’s final Uncompahgre land-management plan and record of decision. The plan would allow fracking on more than half of the 675,000 acres of public land and almost a million acres of federal minerals that it covers, and coal extraction on another 371,000 acres. The BLM’s environmental impact analysis fails to tally direct and indirect climate pollution that would result from fossil fuel production. The BLM’s oil and gas production forecast shows the plan would increase climate pollution in the region by more than 2,300% over the next decade. Colorado’s new law calls for cutting greenhouse gas pollution in half by 2030.
Look for Republicans in Congress, and GOP leaders around the country, to yet again become true believers in socialism…for the oil and gas industry and corporate America, anyway. When it comes to socialism for people, such as supporting a living wage or universal health care for the American people, the GOP still opposes these basic rights.
P.S. Today is also the 10-year anniversary of the BP Deepwater Horizon oil rig exploding, which killed 11 people and spilled more than 200,000,000 gallons of oil into the Gulf of Mexico for 87 days.