UCO Study: Oklahoma cities and towns paid millions extra because of state’s anti-ESG law
The Oklahoman, M. Scott Carter
Oklahoma municipalities were forced to pay more than $180 million in expenses because of a state law written to protect the oil and gas industry, a new study shows.
Commissioned by the Oklahoma Rural Association, the study from the University of Central Oklahoma “showcases the detrimental impact of the Energy Discrimination Elimination Act on Oklahoma communities and taxpayers,” the association said.
“It is clear that the EDEA has caused an unnecessary increase in municipal borrowing rates, increasing costs, harming taxpayers, and resulting in municipalities paying more for less or canceling projects altogether. These unintended consequences are causing significant harm to Oklahoma communities and our economy,” study author Travis Roach said.
Roach, an associate professor and chair of the Department of Economics at UCO and founder of the Central Policy Institute, said the law, which prevents the state from doing business with companies that have environmental, social and governance policies, has increased borrowing costs for municipalities by about 16% compared to states that don’t have the legislation.