Target the Achilles Heel of Carbon Energy:
Stop Bank Lending to the Oil and Gas Industries
There are constant press reports on the financial crisis of the oil and gas industries. Prices of oil are hovering far below the break-even point, and prices are not expected to rise for several years. At present, the oil and gas industries are spending more money than they are taking in. Oppenheimer reports that “all oil companies are funding their dividend through additional borrowing or asset sales, and even the majors could be forced to freeze or cut their dividend, which could sink their shares.”
The banks are getting very nervous that they will not be paid back the billions of dollars they have loaned these industries. The problem is so severe that they are talking about oil and gas as “stranded assets.”
In September and October, banks will review their loans and decide whether or not they will continue to extend them or ask the oil and gas companies to pay them back.
This is the Achilles Heel of the oil and gas industries, and We Are Cove Point is calling on those who want to end extreme energy extraction like fracking and tar sands — as well as those who want to see an end to a carbon-based energy economy — to let your bank know that you will move your money if the bank continues to fund extreme carbon energy extraction.
The combination of risky investments that may never be paid back and public outrage should increase the likelihood that banks will pull back and stop lending money to extreme carbon energy investments.
Our movement needs to act quickly as decisions are being made over the next two months.
- Sign this pledge to move your money from a bank lending to the industry unless they move their money out of oil and gas.
- Bring the pledge to your bank the next time you go there to do business by clicking on the link and then downloading and printing this image or make your own. bank card_8x10
