A new study from Oil Change International (OCI) reveals that several major U.S. banks have substantially increased their investment in the Mountain Valley Pipeline (MVP).
“New Money Behind the Mountain Valley Pipeline,” released by on November 12, states:
Six U.S. “main street” banks – banks that are leading providers of personal banking services in the United States – rank among the top eight financiers. These included Bank of America, Wells Fargo, PNC, SunTrust, Bank of the West (through parent company BNP Paribas) and U.S. Bank.
The study, an update of a May 2017 study that OCI did, notes that the projected cost of the MVP is now nearly double the original $3.5 billion cost estimate of the project. This makes the 300-mile MVP the highest per-mile cost of any gas pipeline in the country.