If woke corporations are going to treat the industry that fuels the lives of Americans with a cold shoulder, they’ll get the same treatment from West Virginia taxpayers.
Six Wall Street firms are slated to land on West Virginia’s Restricted Financial Institution List, with state treasurer Riley Moore notifying them in a Friday letter.
The companies are BlackRock, Wells Fargo, JP Morgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bancorp, according to Politico.
Moore used a law that was passed in the spring that he said is designated to “push back against unfair discrimination against our coal, oil and natural gas industries by the financial sector.”
The companies have adopted policies that either divest or minimize their investments in the fossil fuels industry.
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Some major corporations have justified a fossil fuel boycott by pointing to the leftist environmental, social and governance ideology, which seeks to crush the industry through backhanded corporate means.
They’ll be ineligible for state contracts pursuant to a 2022 state law, according to the Parkersburg News & Sentinel, unless they can demonstrate that they’re not boycotting the fossil fuel industry within 30 days.
Fossil fuels are integral to West Virginia’s economy.
The state ranks second in coal production, fifth in natural gas production and fifth in total energy production, according to the Energy Information Administration.
Should they pay the price?
West Virginia isn’t the only state that’s moved to punish woke capitalism for slighting the energy industry.
Texas Republican Gov. Greg Abbott signed a law that similarly punished investment firms for fossil fuel boycotts, according to Politico.
A number of companies responded to the prospect of losing Texas contracts by backing down from divestment and pledging fair treatment of fossil fuels.
Even Democrat Kentucky Gov. Andy Beshear has signed a similar law.
Treasurer Moore has touted a 15-state coalition uniting to deprive fossil fuel boycotters of access to state funds.
With a combined economic weight of $600 billion, the alliance will ensure that Wall Street investors will cost themselves big if they discriminate against the industry that fuels the livelihood of the citizens of these states.
The exorbitant gas prices crushing the middle-class American consumer are partially caused by a lack of investment in new production.
Ensuring that the energy industry has the same access to investment as other forms of enterprise is key to buffing American energy production.
