How The Fed Bailed Out U.S. Oil And Gas

The Trump administration has taken dozens of actions during the Covid-19 pandemic to benefit the oil and gas industry, such as opening new lands for leasing, watering down environmental protections, cutting royalty rates on federal lands, among a long list of other actions.  But one of the more consequential interventions came from the Federal Reserve. In March, when financial markets went into a tailspin, the U.S. Congress authorized the Federal Reserve to inject trillions of dollars into financial markets. That included the capacity to lend…