Eugene may drop holdings in oil, coal companies

Published On: Jan 13 2014 09:14:27 AM PST
Eugene, OR -

The Eugene City Council is talking about divesting its holding in oil, gas and coal companies as part of an environmental strategy.

The Register-Guard reports the council scheduled a discussion after the regular Monday night meeting on pulling funds invested in companies such as Chevron, ExxonMobile and Peabody Energy. It's part of a national campaign by environmental groups -- the Mayors Innovation Project and 350.org.

Eugene invests money it collects from property taxes and other sources before spending it. The money goes into a state-sponsored investment pool that includes oil companies. As of the end of December it had about $37 million in the pool. Of that, about half a million is likely invested in oil, gas and coal companies