One of the coolest things about living in a dystopian conservative laboratory like Oklahoma is that we – thanks to a GOP supermajority in all branches of government – get to be the first ones to experience ill-advised, ultra-right wing, culture war-inspired legislative experiments that create way more problems than they ever solve.
Sure, that may also suck, but at least we get to be first at something!
I was reminded of this yesterday when The Oklahoman reported that our state municipalities have paid $180-million in extra and very unnecessary expenses thanks to Oklahoma's Energy Discrimination Elimination Act.
It was an out-of-state, special interest group-backed piece of legislation that banned “woke” banks that state leadership couldn't spell from doing business with the state if they offered certain ESG investing products.
Here are the details via The Oklahoman:
Oklahoma municipalities were forced to pay more than $180 million in expenses because of a state law written to protect the oil and gas industry, a new study shows.
Commissioned by the Oklahoma Rural Association, the study from the University of Central Oklahoma “showcases the detrimental impact of the Energy Discrimination Elimination Act on Oklahoma communities and taxpayers,” the association said.
Yep, take that all you woke banks that control the world’s wealth, debt and financial markets!
If you’re going to offer woke ESG investing products that "boycott” our beloved oil industry – even though that's not really what they do – then poor, backward states like us are going to waste $180-million to show you what's up!
That will definitely teach you a lesson!
Ganted, the lesson is that Oklahoma politicians and the people who vote for them are stooges, idiots and morons who care more about fighting culture wars than being ethical, responsible stewards of taxpayer dollars, but it’s a lesson nonetheless.
Here’s more:
Roach, an associate professor and chair of the Department of Economics at UCO and founder of the Central Policy Institute, said the law, which prevents the state from doing business with companies that have environmental, social and governance policies, has increased borrowing costs for municipalities by about 16% compared to states that don’t have the legislation.
He said the study also showed that the measure caused increased borrowing costs, higher taxes, reduced expenditures in other areas and the “delay or complete abandonment of projects intended to improve infrastructure and quality of life.”
First of all, this is Oklahoma. If the people here cared about infrastructure and quality of life, then we’d all move somewhere else.
Second, this totally one-sided report ignores the big positive of Energy Discrimination Elimination Act – slimy Oklahoma politicians who can more about being reelected than anything else can now go back home and inform their rural rubes and other Derpalahoman voters that they're taking on the wokes and protecting oil companies.
That’s definitely worth $180,000,000 to them.
Stay with The Lost Ogle. We’ll keep you advised.
