Since Joe Biden got into office, there have been concerted efforts to crack down against fossil fuels. The president and his base argue that fossil fuels are harmful to the environment and should therefore be eliminated.
Americans have witnessed Biden’s work to dismantle fossil fuels firsthand. Look no further than the closure of the Keystone XL pipeline and the prohibition of natural and oil leases on federal lands.
Biden’s been repeatedly warned that policies of this nature are sending energy prices through the rooftops. However, the president isn’t backing down in the slightest.
Although at the state level, there is definitely momentum to oppose the current administration’s war on fossil fuels.
West Virginia Takes a Stand
Wall Street companies that choose to stand against fossil fuels will no longer be eligible for business contracts in West Virginia.
The state remains heavily reliant on fossil fuels through the coal mining industry. Therefore, West Virginia would be working against its own best interests by collaborating with companies that want fossil fuels eliminated.
This is how we beat ESG.
We will not sit by and let banks boycott the lifeblood of our state. Banks on the Restricted Financial Institutions will be banned from banking contracts with the state of West Virginia.
Props to US Bank for changing their policies – keep fighting! pic.twitter.com/eu8V58gvcg
— Riley Moore (@RileyMooreWV) July 28, 2022
Thus far, the businesses impacted by West Virginia’s decision include Goldman Sachs, JP Morgan Chase, Wells Fargo, and Morgan Stanley. Without open contracts in West Virginia, these companies stand to lose billions of dollars annually.
West Virginia Treasurer Riley Moore explained the state’s decision is quite simple. West Virginia simply has a vested interest in working with companies that follow basic business practices.
Ultimately, joining the Democrats in taking down fossil fuels extends beyond the scope of what banking companies were originally intended to do.
Additional Details From Moore
The West Virginia treasurer hasn’t minced words when discussing all that’s truly at stake amid agendas to dismantle the fossil fuel industry.
According to Moore, attacks against fossil fuels have played a role in inflation and will potentially feed into more economic hardship for West Virginians. In this state, thousands of jobs are tied to the coal industry.
BlackRock and Vanguard shun the U.S. coal industry yet invest billions in a Chinese company whose name is literally “China Coal Energy Company,” without saying a peep about ESG over there.
The hypocrisy is staggering.
— Vivek Ramaswamy (@VivekGRamaswamy) July 29, 2022
Last month, banking establishments working with West Virginia were given the chance to go on the record and affirm their support for the oil, natural gas, and coal industries.
Now, West Virginia is taking steps to ensure its well-being as a state and the well-being of its residents.