Representative Alexandria Ocasio-Cortez (D., N.Y.) tweeted “you absolutely love to see it,” as the U.S. oil market reached negative territory for the first time ever, potentially putting hundreds of American oil companies out of business.
“This along with record low interest rates means it’s the right time for a worker-led, mass investment in green infrastructure to save our planet. *cough*,” Ocasio-Cortez tweeted.
She then deleted the tweet and rephrased it, saying “it‘s the right time to create millions of jobs transitioning to renewable and clean energy. A key opportunity.
This snapshot is being acknowledged as a turning point in the climate movement.
Fossil fuels are in long-term structural decline. This along w/ low interest rates means it‘s the right time to create millions of jobs transitioning to renewable and clean energy. A key opportunity. https://t.co/UqT8DI5u2I
— Alexandria Ocasio-Cortez (@AOC) April 20, 2020
Oil prices went negative on Monday for the first time in history, dropping over 100 percent on the day to hit -$37.63 a barrel. While the June delivery of U.S. crude oil is currently trading above $20 a barrel, experts have warned the low prices could put hundreds of U.S. companies out of business.
“$30 is already quite bad, but once you get to $20 or even $10, it’s a complete nightmare,” Artem Abramov, the head of shale research at Rystad Energy, told CNN Business. Rystad estimated that 533 US oil exploration and production companies will file for bankruptcy by the end of 2021 in a $20 oil market, while the number would double to over 1,100 in a $10 market.
Ocasio-Cortez, who introduced a bill to ban fracking nationwide in February, proposed the “Green New Deal” last year to transition the U.S. entirely to “net-zero” carbon emissions within ten years, a piece of legislation that fell flat among Senate Democrats after Senate Majority Leader Mitch McConnell (R., Ky.) decided to allow a allow a vote.