The crash in oil prices has sparked calls by some for a bailout of the oil industry. But “bailout fatigue” from the infamous 2007 and 2008 automobile and banking rescues have left a sour, bitter taste in many people’s mouth.
The Independent Petroleum Producers of America, which represents thousands of small and medium-sized producers, said it’s actually looking for the opposite of a rescue.
“We’re asking the federal government to get out of the way and allow America’s free-market principles to work,” the group said, referring to government support for competitors like renewable energy sources like solar and wind.
Granted, while serious for petroleum producers, there doesn’t appear to be an actual bailout in the works for the oil industry. Recently, crude oil crashed below $35 a barrel to as low as $26 this week.
However, many lawmakers don’t want to be viewed as helping Big Oil — especially not when a presidential election hangs in the balance.