{"id":1419585,"date":"2022-04-05T09:59:36","date_gmt":"2022-04-05T13:59:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1419585"},"modified":"2022-04-05T09:59:41","modified_gmt":"2022-04-05T13:59:41","slug":"west-virginia-bill-protecting-traditional-energy-industries-from-banks-that-target-oil-and-gas-takes-effect","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/west-virginia-bill-protecting-traditional-energy-industries-from-banks-that-target-oil-and-gas-takes-effect\/","title":{"rendered":"West Virginia Bill Protecting Traditional Energy Industries From Banks That Target Oil And Gas Takes Effect"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwest-virginia-bill-protecting-traditional-energy-industries-from-banks-that-target-oil-and-gas-takes-effect%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1419585&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/04\/WV-oil-and-gas.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>A bill to protect West Virginia\u2019s oil, coal, and natural gas industries has taken effect after the legislature passed the bill weeks ago and Republican Governor Jim Justice allowed it to become law. The bill gives the state treasurer the ability to stop state agencies from making contracts with banks and financial institutions that have targeted traditional energy industries through divestment.\u00a0<\/span><\/p>\n<p><span>Senate Bill 262 passed the West Virginia legislature in mid-March and headed to the desk of Justice, who <\/span><span>just<\/span><span> \u201clet [the] bill become law without his signature\u201d <a href=\"https:\/\/www.wvgazettemail.com\/news\/legislative_session\/bill-allowing-treasurer-to-restrict-state-banking-contracts-with-fossil-fuel-divesting-companies-becomes-law\/article_f68b2b82-c5e5-50d2-b56b-c56711b4413b.html\">according to<\/a> the Charleston Gazette-Mail. The bill was suggested to the legislators by state Treasury Secretary Riley Moore (R).\u00a0<\/span><\/p>\n<p><span>\u201cWe are leading the way to protect our coal, oil and natural gas workers and companies from unfair, un-American boycotts of these critical energy industries,\u201d Moore <\/span><a href=\"https:\/\/wvtreasury.com\/About-The-Office\/Press-Releases\/ID\/422\/Treasurer-Moores-Pro-Fossil-Fuel-Banking-Protection-Bill-Becomes-Law\"><span>said<\/span><\/a><span>. \u201cThis law now puts the banking sector on notice: If you refuse to do business with our people, we won\u2019t give you our people\u2019s business.\u201d<\/span><\/p>\n<p><span>SB 262 allows the state treasurer and his office to form a \u201cRestricted Financial Institution List,\u201d which can be used to delineate which banks state agencies could be approved to work with. It essentially means the state treasurer can ensure that state agencies cannot work with financial institutions that divest from the oil and gas industry.\u00a0<\/span><\/p>\n<p><span>According to the Gazette-Mail, the bill also stipulates that the treasurer needs to notify a financial institution 45 days before its placement on the \u201cRestricted Financial Institution List,\u201d giving it time to respond and demonstrate that \u201cit is not boycotting energy companies.\u201d\u00a0<\/span><\/p>\n<p><span>\u201cAt a time when energy demand is skyrocketing and consumers are bearing the brunt of generationally high inflation, it makes absolutely no sense for financial institutions to cut off capital and financing to these legal, profitable industries simply because they don\u2019t align with their radical social and political agendas,\u201d Moore stated.\u00a0<\/span><\/p>\n<p><span>After the legislature passed the bill initially, Moore <\/span><a href=\"https:\/\/wvtreasury.com\/About-The-Office\/Press-Releases\/ID\/417\/West-Virginia-Passes-Pro-Fossil-Fuel-Banking-Protection-Bill\"><span>noted<\/span><\/a><span> that the bill was important for making America energy independent and protecting American jobs.<\/span><\/p>\n<p><span>\u201cIt\u2019s time to fight back against those who are trying to wipe out thousands of middle-class jobs, and once again put America first and restore our energy independence,\u201d the Republican official said.\u00a0<\/span><\/p>\n<p><span>The bill aimed at protecting the coal, oil, and natural gas industries comes after gas prices have hit record highs in recent weeks, though the prices have seen a small dip in recent days. The average gas price on Tuesday <\/span><a href=\"https:\/\/gasprices.aaa.com\/\"><span>according<\/span><\/a><span> to AAA, was $4.17 per gallon, 16 cents below the <\/span><a href=\"https:\/\/www.foxbusiness.com\/markets\/gas-prices-4-3-2022\"><span>high<\/span><\/a><span> of $4.33 on March 11. Still, the current price represents a large jump from this time last year when the average price was $2.87.<\/span><\/p>\n<p><span>\u00a0<\/span><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies for breaking news, investigative reporting, sports, podcasts, in-depth analysis, books, and entertainment for a reason: because we believe in what we do. We believe in our country, in the value of truth and the freedom to speak it, and in the right to challenge tyranny wherever we see it. Believe the same? <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>Become a member now and join our mission.<\/span><\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A bill to protect West Virginia\u2019s oil, coal, and natural gas industries has taken effect after the legislature passed the bill weeks ago and Republican Governor Jim Justice allowed it<\/p>\n","protected":false},"author":200,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1419585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1419585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1419585"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1419585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1419585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1419585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1419585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}