As a proud CEO of an oilfield service company founded in Oklahoma City, I was happy to see a damaging trend among local and state governments finally receiving the attention it deserves.
A recent Oklahoman editorial pointed out that big city public pension funds from New York to San Francisco are choosing to “divest” from fossil fuels, adopting the same tactics used against the tobacco industry.
As the editorial noted, the American Council for Capital Formation found that the New York City Employees Retirement System is chronically underfunded primarily because its investment decisions are being driven by politics, not economics.
