Oklahoma Utility Cost Crisis
During Winter Storm Uri in February 2021, Oklahomans witnessed a massive explosion in natural gas prices over a few day period. Major utilities purchased more gas by cost in a few days than they do in a year. Instead of investigating price gouging, clawing back excessive profits or demanding utilities that were ill-prepared for winter weather pay part of the burden, the government of Oklahoma passed Securitization laws that force Oklahomans to pay additional utility fees for the next 25+ years to pay for these natural gas charges incurred in Feb 2021. This is a story of how a three-day storm turned into decades of debt for all Oklahomans.
Since the storm, our electricity and gas bills have risen dramatically. All together, Oklahomans were hit with the largest single tax increase in history. More than $4 billion dollars will be paid out over the next 25+ years. This was a market failure, not an infrastructure one. Gas kept flowing, electricity was produced (except for brief interruptions), we just paid way, way more for it and now have a generation worth of bond payments to show for it. Below, we lay out how the Stitt administration guided this process from the beginning and failed to protect Oklahomans.Read more