News Release

The Money Behind the Dakota Pipeline

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Telesur reports in “What You May Not Know About the Dakota Access Pipeline” — which features an interview with Robin Martinez, attorney for the North Dakota protesters: “The Dakota Access Pipeline has been drawing national attention for threatening Native American ways of life and land. As protesters hailed a victory on Friday handed down by three federal departments, a slew of legal issues remain at hand.”

HUGH MacMILLAN, via Seth Gladstone, sgladstone at fwwatch.org, @foodandwater
MacMillan is senior researcher on water, energy and climate issues at the group Food & Water Watch. He recently co-wrote the report “Who’s Banking on the Dakota Access Pipeline?” which states: “Powerful oil and gas companies are taking appalling steps to override the Sioux’s objections, using their immense financial resources to push for building this pipeline, which will further line their pockets. But behind the companies building the pipeline is a set of even more powerful Wall Street corporations that might give you flashbacks to the 2007 financial crisis.” Among the companies funding the project are Citibank, Wells Fargo, UBS, JP Morgan Chase, Goldman Sachs, Bank of America, SunTrust, Credit Suisse and TD Securities.

The report states: “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. …

“Even before Dakota Access’s security turned violent, the activists faced harsh responses as Governor Dalrymple has declared a state of emergency, removing water and sanitation resources from the reservation, and the police have set up roadblocks around the reservation. Dozens of protesters have already been arrested, and police have spread false rumors of violence from the peaceful protectors.” Gladstone is deputy communications director for Food & Water Watch.