Federal government launches war on reliable energy | News, Sports, Jobs
Not so long ago, we remember the late Robert Murray, founder and longtime CEO of Murray Energy Corp., telling us how President Barack Obama’s administration was pushing the country’s major financial institutions to stop lending. to energy companies, especially those companies that mined coal.
While this effort by the Obama administration did not pay off immediately, it looks like President Biden and his administration are now back to the tree with the watering can. But this time it’s not just coal mining that is in sight; it is also oil and natural gas. The revelation about the administration’s latest war on the reliable energy sources that power the nation came from Politico, which reported Secretary of State John Kerry pushed U.S. banks to focus more on mitigation of climate change. Part of that effort is subtle pressure to stop banks from lending to companies that extract energy from the ground – coal, oil, and natural gas.
Fifteen state treasurers calling on the Biden administration for its tactics.
On its own, a group of 15 state treasurers – many of them from smaller, energy-rich states – wouldn’t have enough clout to make a difference. To tip the pendulum, however, treasurers are threatening to pull their holdings – a total of $ 600 billion in state pensions and other assets – from banks that succumb to the administration’s tactics.
“… We strongly oppose economic command and control policies that attempt to bend the free market to the political will of government officials,” Moore said. “We refuse to allow the federal government to choose our critical industries as losers, based solely on President Biden’s radical political preferences and ideologies.
“We intend to inform banks and financial institutions of our position, as we urge them not to bow to pressure from the Biden administration to refuse to lend or invest in coal companies. , oil and natural gas. “
It is a firm position, on which Moore and the other 14 treasurers must stand firm in the years to come. White House coercion should not be used to influence a bank’s lending activities. But that’s where it looks like we are today. We applaud Moore for opposing further federal excess energy and urge him and other state treasurers to stand firm against Biden’s great government machine.