(FreedomBeacon.com)- Marlo Oaks, the state treasurer of Utah, stated on Tuesday evening that “sustainable investing” on Wall Street helped contribute to rising gas costs and inflation. She was speaking with the host of Fox News, Tucker Carlson.
During an interview for “Tucker Carlson Today,” Oaks said to Carlson that today’s inflation starts with ESG. (According to the Corporate Finance Institute, “ESG” is an abbreviation that stands for “Environmental,” “Social,” and “Corporate Governance.”)
She said if you think about why gasoline prices are so high, a large portion of it is a supply issue and the reason we don’t have enough supply in this country is that we don’t have enough capital flowing into oil and gas projects.
Instead of examining potential profitability, the ESG framework pushes firms to emphasize social and environmental aspects in their investment choices. This is done in place of simply considering the potential for profitability.
BlackRock, an investment giant that manages more than $10 trillion in assets, is one of the firms promoting ESG. In March, the Securities and Exchange Commission (SEC) proposed new regulations requiring publicly traded corporations to publish their carbon emissions and any plans they have to lessen their reliance on fossil fuels.
Oaks stated that “ESG is the only explanation that makes sense.” Many individuals have concluded that they do not wish to participate in the fossil fuel sector, so capital is being withheld. The Biden administration is making a concerted effort to prevent financial support from being provided to the fossil fuel industry.
“It’s very troubling,” Oaks said.
After Tesla, an electric car manufacturer. was removed from the S&P 500 ESG Index in May, the company’s CEO, Elon Musk, referred to ESG as a “scam.”
Oaks discovered that the amount of money invested in oil and gas production fell by 90 percent between 2015 and 2021. According to the data provided by the AAA, the price of a gallon of gasoline is currently greater than $5.
Sustainable investing seeks to persuade an increasing number of individuals to participate, with their money, in creating the future that the persuaders want.
Somehow, it seems oppressive when it’s the government doing the “persuading” rather than the free market.
