Chicago City Council bans city investment in oil, gas, coal

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The Chicago City Council has voted to ban city investments in coal, oil, and even gas companies. Chicago Mayor Lori Lightfoot and the city’s treasurer support the move. The city will develop a list of companies that the treasurer will be banned from investing in, and she will also divest in companies that are added to the list of blacklisted businesses. The city has about $9 billion in invested assets, including pension funds.

The measure to ban and divest was introduced in late February and approved Wednesday. The ordinance said, “The consequences of climate change stand to make Chicago a less desirable place to live and work, negatively affecting the fiscal and social health of the city. Divestment is to take place as soon as practicable and in line with the underlying investment policy.

Chicago is among 38 U.S. cities that have dropped their investments in fossil fuel companies, the ordinance stated. One state — Maine — has passed a law to make it the first state to divest from oil, gas, and coal.

This week, the Chicago City Council will take up another ordinance — to temporarily suspend the new 3-cent city tax on fuel, in order to help consumers deal with high prices at the gas pump. Mayor Lightfoot increased the city’s gas tax by 3 cents per gallon at the start of 2021 and is now asking the council to reverse the tax.

24 COMMENTS

  1. I hope ALL the oil, gasoline distributors, natural gas providers, etc., quit providing their services to the city of Chicago. There is no cure for stupid, but maybe the people of Chicago could learn how to vote more intelligent people in to office.

  2. Fine. Turn off their supply of fuels and oil and gas derivative products. Send the woke warriors back to the wood age.

  3. Let them force the city to redirect their investments toward unproven alternative energy industries…….yet another form of taxation and wasteful ideological spending. Yet the loss of money wouldn’t teach anybody there anything. It’s all about ideology and coercion.

  4. Policy’s increase price per gallon over $3.00 in two years.
    The false gesture of $0.03 amounts to what.
    Diddly squat.
    How far will that go towards what’s left on the grocery isles.

  5. Looks like I’ll have to remove Chicago and Maine from my list of places to which I can travel. These Loony Tune places are starting to cramp my style.

  6. All they have to do is blame it on COVID and they’ll make up for the lost revenue from the next congressional spending splurge.

  7. This city is spending this money investing in body bags.
    It’s had to believe they have any money left to invest.

    • They received big bucks from the covid billions Congress spent topping off pension funds to repay the unions for their support.

  8. Cutting off their nose to spite their face. Just more looney lefty logic.
    Chicago wouldn’t last a week without petroleum products and would turn into a road warrior situation. It would take mob retail shopping to the next level.

  9. Obama is on his 3rd term and he still is a lost, camera-loving, oath-breaking clown. President Trump was for the people of the people by the people our country was what it should be with president Trump.

    The best thing here is all the evil oath breakers exposed all there evil ways all exposed for us all to know. Oath breakers are the worst thing on our planet. Exposed oath breakers now we know. So help me GOD the oath breaker swore to.

  10. Is there a plan or at least a study to find ways of supporting the Police and reducing Crime ..?? or is the daily murder rate now an accepted norm, for Chicago..!!

  11. Hmm, I wonder if the good mayor will trade in her gas-guzzling Suburban for a bicycle? Government putting the finger on the scales again with symbolic wokeness. How schizophrenic that she also wants to do away with her 3 cent gas tax, to help people consume the same or even more gasoline cheaper…..

  12. Certainly all providers of filthy energy should get on board and immediately show their respect by ceasing all services to all businesses and residents of the city.

    It’s the least they could do!

  13. You can be sure that this, or some kind of equally intolerant and insane virtue signaling very much like it, is on the imminent agenda for the Anchorage ass-embly’s Marxist Nine.

  14. Just remember! God made the oil, gas, coal, and minerals and metals with the wind, sun, water, and thermals; God called it all good and gave all that he made to man dominion over all the earth, sea, an
    air. Then jesus comes and raises the standard teaching us don’t be greedy. The love of money is a root to all evil. Take, develop everything in moderation. Chicago is going to still need oil, gas, and coal. I hardly can see Chicago living out of bark wigwams and driving horse-drawn buggies. Hahaha

  15. “The consequences of climate change stand to make Chicago a less desirable place to live and work…”
    .
    Yeah, it’s climate change that’s making Chicago a less desirable place to live and work not the rampant crime, corruption, horrible schools, lack of jobs, etc., etc., etc.

  16. It is not “climate change” that makes Chicago a less desirable place to live and work. It is the encouragement of lawlessness and ignoring the social an economic problems that plague the cities less affluent residents. It’s the crappy school system and corrupt government. It’s the democrat machine that traditionally excludes competition in elections which they have fixed to the point of reliability.

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