Oklahoma has blacklisted more than a dozen major financial firms for boycotting oil and gas. Governor Kevin Stitt (R) points out that his state gets a lot of electricity from things like wind power, but he is on record as saying environmental, social, governance (ESG) policies are an "anti-American political agenda."
Some financial firms have been frowning on oil and gas out of concerns from liberals that fossil fuels are harming the environment and need to be replaced by alternative energy sources.
"I think what Oklahoma did was courageous, and I think that courage can be contagious," Justin Danhof of Strive Asset Management responds.
He recommends individuals take a look at what is in their portfolio, contact their fund manager, and have similar conversations.
"I'm not saying everybody needs to go run out and divest from all the same banks that Oklahoma did, but have that conversation with your fund manager, with your wealth manager to say, 'Hey, I noticed what's going on … and I want to know where my dollars are invested, because I don't want to harm my local community, my retirement account, or what have you.'"
Texas has taken similar action in recent months.
Strive's website has five questions "every American" should ask their fund managers.
"It will let you know how your money is being invested," says Danhof. "By 'how,' I mean how your money is affecting culture, whether that's positively or negatively."
Once people get those answers, he says it is up to them to take ownership of where their money is, whether or not it is being weaponized for politicized purposes, or whether their money is in a good place in a fiduciary perspective.
