Seventeen financial institutions have loaned Dakota Access LLC $2.5 billion to construct the pipeline. Banks have also committed substantial resources to the Energy Transfer Family of companies so it can build out more oil and gas infrastructure:
- Energy Transfer Partners has a revolving credit line of $3.75 billion toward expanding its oil and gas infrastructure holdings, with commitments from just 26 banks.
- Sunoco Logistics has a credit line with $2.5 billion in commitments from just 24 banks.
- Energy Transfer Equity has a credit line with another $1.5 billion in commitments from most of the same big international banks.
All told, that’s $10.25 billion in loans and credit facilities from 38 banks directly supporting the companies building the pipeline.
These banks expect to be paid back over the coming decades. By locking in widespread drilling and fracking in the false name of U.S. energy independence and security, the banks are increasing our disastrous dependence on fossil fuels.
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