It is most hypocritical to miss out on fossil fuel investment gains while pretending we’re not using petroleum products on a daily basis, says letter writer. (Stock photo)

It is most hypocritical to miss out on fossil fuel investment gains while pretending we’re not using petroleum products on a daily basis, says letter writer. (Stock photo)

LETTER TO THE EDITOR: We rely on fossil fuels, so we might as well invest in them

Letter writer questions Nanaimo city councillors’ recent debate on socially responsible investing

To the editor,

Re: Councillors recommend against socially responsible investing, Oct. 27.

I note that city council expects to raise our taxes 3.4 per cent next year. The week before it was reported that some councillors don’t want to invest any city money in fossil fuel stocks. I guess the fact that every day they drive on asphalt and hundreds of everyday items are made from oil do not occur to them.

In 2020 I purchased a good many oil stocks and they are up in value well over 400 per cent. Climate control we’re all in favour of, but fossil fuel is not going away any time soon. It is most hypocritical to miss out on huge gains while pretending you’re not using it on a daily basis. I would not like to rely on wind power while I am being operated on. And if your electric car powers out in the middle of the freeway you can always hitchhike down the road and come back with a bucket of electricity, right?

It is time the city makes Ol’ Mikey here investment manager, all I want is 10 per cent of the gain.

Mike Gogo, Nanaimo


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