Not everyone in Oklahoma is a fan of the state’s new law that recently resulted in 13 financial institutions banned from doing state business because of their use of ESG against the oil and gas industry. A weekend report showed there are other sides to the impact of the new law.
The Sunday Oklahoman cited the case of the city of Stillwater which was about to borrow $13.5 million from Bank of America to finance street and water infrastructure improvements and upgrades of the city’s heating and cooling systems. But when Bank of America appeared on the recent list of 13 financial institutions banned by the state Treasurer, it left Stillwater leaders wondering what next to do.
The story indicated it would cost Stillwater another $1.5 million to finance its projects with the next closest interest rate offered by a competing financial institution. The Oklahoman article focused on how the state law will cost more money for other entities. However, the article did not include details of how much the law is also helping the state’s oil and gas industry.
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