OKLAHOMA: Gov. Kevin Stitt has signed a bill that prohibits the state from doing business with financial institutions that discriminate against the oil and gas sector, which he considers a vital part of Oklahoma’s economy and energy security.
The bill, known as the Energy Discrimination Elimination Act, aims to protect the state’s pension funds from being influenced by political agendas that favor renewable energy over fossil fuels.
However, Stitt has also been actively pursuing green energy projects for Oklahoma, such as a solar cell factory and a battery plant, by offering tax incentives and other benefits to foreign companies that have environmental policies.
Stitt has defended his actions, saying that he supports an “all of the above” energy strategy that includes both traditional and alternative sources of energy.
He has also criticized President Biden’s executive orders that restrict oil and gas development on federal lands and waters, calling them an attack on Oklahoma’s constitutional rights and jobs.
State Treasurer Todd Russ has banned 13 financial firms because of Oklahoma’s Energy Discrimination Elimination Act, which stops state contracts and investments with banks that “shun” oil and gas firms. BlackRock, Wells Fargo and Co., JPMorgan Chase and Co., and Bank of America Corp. are some of the banned companies, but some of them reject the claim that they “shun” fossil fuels.