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Borrowing costs rose in the wake of Oklahoma's anti-ESG law: study

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Borrowing costs rose in the wake of Oklahoma's anti-ESG law: study


An Oklahoma law that banned state and local government contracts with investment banks that “boycott” the fossil fuel industry boosted municipalities’ borrowing costs by 59 basis points on average, according to the latest research into the financial impact of so-called anti-environmental, social, and governance laws.  

The study released Monday by the Oklahoma Rural Association comes as state lawmakers are considering changes to the 2022 Energy Discrimination Elimination Act.

Travis Roach, chair of the University of Central Oklahoma’s Economics Department, who conducted the study, found that over the approximately 17 months the law has been in effect, about $4.6 billion of municipal bonds were issued at higher coupon rates relative to borrowings in four states without a similar law. As a result, Oklahoma municipalities incurred an estimated $184.7 million in additional expenses.

Oil pump jacks in Guymon, Oklahoma. A study found a 2022 Oklahoma law banning state and local government contracts with financial institutions that “boycott” the fossil fuel industry boosted municipalities’ borrowing costs.

Bloomberg News

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“This increase in borrowing costs imposes an unnecessary financial burden on Oklahoma municipalities, potentially forcing them to cut spending on important public services or infrastructure projects, or raise taxes to cover the higher debt servicing costs,” the study concluded. 

As large financial institutions “with the scale, scope, and experience of providing municipal bond issuance services” are banned from underwriting government debt in Oklahoma, borrowing costs may increase simply because smaller firms lack that reach, it added.

The law landed Bank of America, JP Morgan, and Wells Fargo on the Oklahoma Treasurer’s “boycotter” list last year, resulting in Wells Fargo’s resignation as lead manager for a $500 million Oklahoma Turnpike Authority revenue bond sale.

Monica Collison, president of the ORA, an organization created to support economic development and infrastructure for the state’s rural communities, said while the law aimed to be “a ‘solution’ to combat the misguided perception of boycotting by financial institutions of certain industries,” the result was a politically motivated attempt to remove certain banks from operating in Oklahoma.

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Oklahoma Treasurer Todd Russ was aware of the “unintended consequences” posed by the law’s inclusion of state political subdivisions, according to Deputy Treasurer Jordan Harvey, who noted legislation introduced this session seeks to amend the act. 

Senate Bill 1510, which would remove local governments and school districts from the law, passed the Senate in a 42-1 February vote and moved to the House. 

Another bill would apply a provision against contracts worth $100,000 or more with “boycotters” only to state agencies, while adding timber, mining, and agriculture to industries the law aims to protect from boycotts. The measure passed the House in a 78-15 March vote, but failed to advance out of a Senate committee by a legislative deadline. 

Another bill that would require the treasurer to seek an opinion from the Oklahoma Attorney General if there is a fiduciary or other dispute with a state government entity regarding the law passed the Senate in March. 

Senate Bill 469, which sought to extend the energy law’s divestment requirement to the higher education sector, stalled in the Senate.

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A 2022 academic paper found similar Texas laws enacted in 2021 to protect the fossil fuel and firearm industries against boycotts and discrimination may increase borrowing costs for issuers in the state as a result of less competition among underwriters.

A subsequent study by Econsult Solutions Inc. looked at the impact if similar bills were enacted in six other states, including Oklahoma, finding that state would have incurred an estimated $49 million in additional interest costs over a 12-month period.

In March, a Texas business group released a study that concluded average underwriting spreads for local bond issues in the state rose dramatically over the last two fiscal years since the anti-ESG laws took effect.



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Oklahoma

Oklahoma’s Jahsiear Rogers ‘Knew It Was Time to Showcase’ His Talents In Spring Game

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Oklahoma’s Jahsiear Rogers ‘Knew It Was Time to Showcase’ His Talents In Spring Game


NORMAN — The Oklahoma Sooners liked their wide receiver room a year ago. They want 2026 to be even better.

Isaiah Sategna’s return helps that desire. Earning experienced pass catchers Trell Harris and Parker Livingstone via the transfer portal gives you added play makers. But after the Sooners Spring Game on Saturday, an unlikely hero emerged.

When Jahsiear Rogers flipped from Penn State to Oklahoma last December, he drew the usual excitement that comes with a new commitment. But few expected him to climb the depth chart this quickly, even with the injuries that hit Emmett Jones’ room.

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Rogers did just that and more on Saturday. He led all pass catchers with five receptions for 70 yards in Oklahoma’s annual Red/White game.

“I knew it was time to showcase,” Rogers said after the game. “It was amazing to see the fans and get used to the OU way. I’m a playmaker. They really want to put the ball in playmakers hands. I pretty much knew I had to lead the white team.”

Rogers got the ball rolling early. On the second offensive play for the white team, backup quarterback Whitt Newbauer rolled to his right wide, then stopped and looked towards the middle of the field where he saw Rogers running open. Newbauer connected with Rogers for a 39-yard gain.

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With Rogers on the white team, he is running against (most of) Oklahoma’s starting defense. As fate would have it, on that 39-yard reception, Rogers beat his favorite teammate to compete against — Reggie Powers.

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“He is just a leader, good guy,” Rogers said of Powers. “Me and him go after it every day in practice. Reggie is strong. When I come at him, I have to really come at him.”

Rogers’ big play over Powers was the second-longest catch of the spring game — Sategna’s 50-yard reception that appeared to be a touchdown before coaches pulled it back to set up a red-zone rep. The other four catches weren’t flashy, but they were important in their own way, and Rogers looked like he belonged on the field.

“I love it. As long as I can get the ball, I can be me. I love it,” Rogers said. “When I am on the field, I am ready to go. I am ready to be a playmaker.”

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The season is still months away, and Rogers hasn’t earned a spot high on the depth chart yet. A strong spring and an encouraging Red/White Game can only lead to early playing time if he carries that momentum into summer and fall camp.

More experienced players will return from injury and receivers who’ve been in the program for a few years will have an extra leg-up.

But Rogers is taking everything in stride and leaving no stone unturned in his development.

“Just learning from the older guys,” Rogers said. “Manny Choice, Isaiah Sategna, Trell Harris, Mackenzie Alleyne. Really all of them. We lean on each other, learn from each other. That is kind of how our room is.”

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Oklahoma knocks off Missouri in series opener

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Oklahoma knocks off Missouri in series opener


The Oklahoma baseball team is back in the mix and trending upward.

After a rough few weeks in Southeastern Conference play, the 14th-ranked Sooners have won three of their last four games to get to .500 at just beyond the halfway point of the league slate. Friday’s 9-6 win over Missouri allowed Oklahoma to move to 8-8, tied with three other teams for eighth in the standings.

Friday’s win wasn’t truly that close, even. OU took a 9-3 lead into the ninth before Mizzou made it somewhat interesting with three runs in the frame. Two of them came with two outs, though, and Mason Bixby induced a groundout with the bases empty to hold on.

The large edge came via a home run-happy night. The Sooners popped four over the wall at Kimrey Family Stadium, including three in a four-run seventh inning that gave OU a four-run lead.

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Jason Walk, who hit one of the four homers, had the best day at the plate. He went 2 for 5 with the shot, three RBIs and a run. Camden Johnson, who also homered, went 2 for 3 with a walk, a double and two runs, and Dasan Harris went 2 for 4 with a home run, two RBIs, and three runs. Trey Gambill hit the Sooners’ other jack.

Oklahoma jumped out to a four-run lead in the second behind four hits and a walk. Missouri helped the Sooners out with an error that resulted in a bases-loaded situation and three unearned runs registered to Tigers starter Josh McDevitt.

The runs were more than enough for Oklahoma’s LJ Mercurius, who pitched six strong innings, giving up three runs on six hits with no walks and nine strikeouts.

Game 2 in the series is set for 4 p.m. Saturday and the finale will be played Sunday at 2 p.m., weather permitting.



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The man behind Route 66’s Totem Pole Park: The history of a 90-foot Oklahoma landmark

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The man behind Route 66’s Totem Pole Park: The history of a 90-foot Oklahoma landmark


Just miles off Route 66 in Rogers County stands one of Oklahoma’s most unusual roadside attractions: a 90-foot concrete totem pole built largely by one man over more than a decade.

Ed Galloway’s Totem Pole Park is home to what is widely described as the world’s largest concrete totem pole, created by Oklahoma folk artist Nathan Edward Galloway during his retirement years.

The park sits near Chelsea and continues to draw visitors traveling Oklahoma’s stretch of Route 66.

A project decades in the making

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An early photograph shows the towering concrete totem pole at Ed Galloway’s Totem Pole Park near Chelsea, Oklahoma, shortly after its completion in the late 1940s.

Credit: Rogers County Historical Society

According to the National Park Service, Nathan Edward Galloway was born in 1880 in Springfield, Missouri. He later worked as a manual arts teacher at Sand Springs Home before retiring in 1937 to property near present-day Chelsea in Rogers County.

After retiring, Galloway began building what would become Totem Pole Park. Using concrete, steel rebar, wood, and red sandstone, he created a series of colorful, highly decorated totems and structures across the property.

Atlas Obscura reports that Galloway began construction in 1938 with the goal of building durable totem poles from sturdy materials, and he surrounded his land with tapered concrete monuments and decorative features.

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Between 1937 and 1948, Galloway constructed the park’s centerpiece: a 90-foot-tall totem pole carved with bas-relief designs. Travel Oklahoma describes it as a Route 66 icon and a state landmark.

Eleven years and 90 feet of concrete

The detailed bas-relief designs include birds and Native American-inspired figures that circle the structure from base to peak.
The detailed bas-relief designs include birds and Native American-inspired figures that circle the structure from base to peak.

Credit: Rogers County Historical Society

The main totem took roughly 11 years to complete, according to Atlas Obscura. The structure is made of red sandstone framed with steel and wood, then covered with a thick concrete exterior.

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The tower features more than 200 carved images, including representations of birds and Native American figures facing the four cardinal directions. Near the top are four nine-foot figures representing different tribes.

Galloway’s version differs from traditional totem poles of the Pacific Northwest, which are generally carved from red cedar.

The structure rises from the back of a large, three-dimensional turtle. The turtle base was carved from a broad sandstone outcrop on the site and painted in bright colors.

The totem is hollow and rises about nine stories, with the ground level measuring about nine feet in diameter. Inside, plastered walls feature painted murals of mountain-and-lake scenes and bird totems, along with Native American shields and arrow points. At the top, the cone is open to the sky.

Picnic tables supported by small concrete totems, a totem barbecue fireplace, and gate structures designed to resemble fish fill the park grounds.

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The Fiddle House

Galloway stands inside the Fiddle House at Ed Galloway’s Totem Pole Park, surrounded by his hand-carved violins.
Galloway stands inside the Fiddle House at Ed Galloway’s Totem Pole Park, surrounded by his hand-carved violins.

Credit: Rogers County Historical Society

Beyond the towering pole, Galloway’s artistic interests extended into music and woodworking.

An 11-sided structure known as the “Fiddle House” sits on the property and resembles a Navajo hogan, according to the National Park Service. The building houses many of Galloway’s hand-carved fiddles and other creations.

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The Rogers County Historical Society says the Fiddle House Museum retains many of Galloway’s handcrafted violins and artifacts.

From neglect to restoration

The 90-foot concrete totem at Ed Galloway's Totem Pole Park stands restored and repainted, following decades of preservation work.
The 90-foot concrete totem at Ed Galloway’s Totem Pole Park stands restored and repainted, following decades of preservation work.

Credit: Rogers County Historical Society

Galloway continued working on the park until his death in 1961. After he died, the site gradually fell into disrepair.

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In 1989, the Rogers County Historical Society acquired the property. A major restoration effort took place from 1988 to 1998, with art conservators and engineers studying the structures and repairing damaged materials.

Additional repainting and preservation projects began in 2015.

Today, Totem Pole Park is listed on the National Register of Historic Places. It remains open year-round with free admission and is managed by the Rogers County Historical Society.





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