Vox discusses why Coronavirus stimulus money will be wasted on fossil fuels. Oil and gas companies were already facing structural problems before Covid-19 and are in long-term decline.
As countries across the world go into lockdown in response to Covid-19, economies are in free fall. Almost every sector is taking a hit, hemorrhaging jobs and value. And almost every sector will be shaped, for years to come, by the speed, amount, and nature of public assistance it receives. There is a finite amount of time, resources, and political will available to get economies going again; not every sector will get what it wants or needs.
In short, the decisions legislators make in response to the coronavirus crisis will have an enormous influence on what kind of economies emerge on the other side.
A few weeks ago, I wrote about what an ideal recovery and stimulus package would look like. And last week I wrote about how shortsighted it is for Republicans (enabled by learned Democratic passivity) to reject aid for the struggling clean energy industry.