AK Republicans Whine That Banks Exiting Arctic Oil Drilling Discriminating Against Native Peoples
n the last year, some big banks have committed to protecting the Arctic National IWildlife Refuge in Alaska through withholding their investments from the Arctic as a whole. Seems like Alaska’s elected officials are pretty pissed about it. In fact, they’ve formally made a whole stink about the new environmental policies banks such as Goldman Sachs and JP Morgan Chase have rolled out.
In a letter dated June 16, that Politico obtained, Rep. Don Young, Senator Dan Sullivan, and Senator Lisa Murkowski wrote to offices with the Federal Reserve System, Comptroller of the Currency, and Federal Deposit Insurance Corporation pleading that they do something to stop these banks. It follows a similarly whiny letter on the same topic 36 Republicans sent to the White House last month. But the new letters go further both by begging for action and invoking the “benefits” oil and gas has had on Alaska Native communities to defend its argument.
This is a bit disingenuous given the role Alaska Natives have played in securing these commitments from banks (though it is true some Alaska Natives do support drilling). The letter goes on to say Arctic oil and gas is the U.S.’s way out of this coronavirus-fueled economic slump. Really, though?
EDIT
The coronavirus is only accelerating the trend of oil being a bad investment, particularly oil that’s costly to dig up and ship. The market is essentially turning rapidly against risky oil. It’s funny how Republicans love to tout the value of the free market until it doesn’t line up with their interests. “This is nothing more than an ongoing temper tantrum from Republicans upset that banks are recognizing the reality that Arctic drilling is an expensive risk that’s not worth taking,” Sierra Club senior campaign representative Ben Cushing wrote in a statement to Earther. “A growing number of banks are making the obvious business decision to stay away from drilling in the Arctic Refuge because it would threaten their reputation and their bottom line, and no amount of angry letters is going to change that.”
EDIT
https://earther.gizmodo.com/alaska-republicans-write-whiny-letter-in-desperate-effo-1844065563
