Democrats Urge Fed To Stop Oil Investment By Banks

Although anti-oil climate alarmists have yet to offer a viable alternative to the gas-powered internal combustion engine, that has not stopped a group of Democrats on Capitol Hill from demanding a blanket divestment from fossil fuels.

In a new letter to the Federal Reserve, nearly a dozen Democratic lawmakers called for increased pressure on the nation’s banks to curtail financing for the oil industry.

“To protect the stability of the U.S. financial system, the Federal Reserve must thoroughly understand and address climate risks and ensure that the financial institutions it oversees do the same, including by requiring them to reduce fossil fuel-financed emissions in line with science-based climate targets,” the letter states.

The lawmakers tacitly accused banks of hypocrisy on the issue and insisted that Fed Chair Jerome Powell step in to force their hand.

“Although banks are already claiming to support reducing financed emissions, even achieving net-zero emissions by 2050, they continue to finance the fossil fuel industry to the tune of hundreds of billions of dollars annually,” they wrote.

Claiming climate change itself — and not the restrictive measures leftists endorse to deal with the supposed crisis — is responsible for “placing a heavy financial burden on Americans and the U.S. economy,” the letter argued that only the central bank is capable of effectively manipulating the market.

“The Federal Reserve must take the necessary steps to protect the stability of the financial system by fully understanding climate risks and requiring financial institutions to stop fossil fuel financing,” the Democratic legislators wrote.

Meanwhile, motorists nationwide are left to absorb the rising cost of fuel on top of the already elevated price of virtually everything else amid the Biden administration’s persistent period of inflation.

As of Monday, the nation’s average fuel price was $3.88 per gallon, which is the steepest it has been all year. In California, that number was nearly $2 per gallon higher.

Making matters worse, President Joe Biden has already depleted the nation’s strategic oil reserve in order to artificially reduce gas prices ahead of last year’s elections.

Financial expert Larry McDonald reacted to the situation earlier this month by declaring that the Biden administration is “playing with fire.”