Mills’ Administration Celebrated Maine Becoming the First State to Ban Pension Fund Investments in Petroleum Production, Subsequently Succeeding as Gas and Home Heating Oil Prices Skyrocketed
March 22, 2022 – Just 8 months ago, the Mills’ Administration and the Maine Legislature celebrated becoming the first state in the nation to divest (or otherwise ban) pension and public fund investments in petroleum and natural gas production. On June 16, 2021, Governor Janet Mills signed LD 99 into law, directing the Maine Public Employees Retirement System to divest from fossil fuels within five years. The new law also applied to Maine’s State Cash Pool as well.
Joining a national effort by the Biden Administration, the goal is to choke off all investments in oil and gas production in the United States and internationally as well. According to Western Energy Alliance President Kathleen Sgamma, “oil and gas producers are unable to access capital because the Biden administration is putting so much pressure on banks not to lend to us in the name of climate change.” Sgamma also noted that the goal is “to end American financial support for traditional energy production projects in developing countries around the world, likely ceding future development and exploration to Chinese interests.”
The Mills’ Administrations clear policy goal is to wean Mainers off all fossil fuels. Undeniably, Mainers are now being crushed by the rising cost of home heating oil and gas and experiencing the severe inflation gripping the nation brought on by petroleum prices.
Since celebrating the signing of the new legislation in June, 2021, the monthly average price for home heating oil in Maine jumped from $2.58 a gallon to $3.75 a gallon as of February, 2022, a 45% increase. The cost to fill our gas tanks rose from an average of $2.83 cents a gallon a year ago to today’s average of $4.18, according to AAA, a 47% increase. The Mills’ Administration celebrated Maine leading the national and international effort to financially cripple our national petroleum industry. As the tip of the spear, they succeeded in that effort. Consequently, are they now celebrating the resulting spike in petroleum prices that are impacting Maine families?