These two sentences are... inconsistent.
1. “We just want to ensure that as banks are going out there, they’re not making discriminatory decisions"
reuters.com/article/us-hea…
1. “We just want to ensure that as banks are going out there, they’re not making discriminatory decisions"
reuters.com/article/us-hea…
2. The U.S. oil and gas industry is estimated to owe more than $200 billion to lenders through loans backed by oil and gas reserves. As revenue has plummeted and assets have declined in value, some companies are saying they may be unable to repay.
reuters.com/article/us-hea…
reuters.com/article/us-hea…
Shorter Brouillette: a bank that won't loan to you because your liabilities exceed your assets and your forward cash flow can't cover the debt service is "discriminatory"... if you're in the oil & gas sector.
Look, a lot of people are hurting right now and we're doing a ton to ease credit. But the collapse in oil & gas demand from COVID is a harbinger of the collapse coming from renewables, efficiency & conservation.
The loss of asset value in the sector from falling prices is equivalent to the loss of asset value once banks realize that the fate of our species depends on keeping much of that oil & gas underground. In neither case is the problem due to a lack of cheap credit.
