Three Major Companies Quit Climate Change Coalition

Discussion in 'Current Events' started by Lue C Fur, Feb 16, 2010.

  1. Lue C Fur

    Lue C Fur Evil member

    Hey Al Gore and Obama...suck it!!!!!

    “In dropping out of the U. S. Climate Action Partnership, BP America, Conoco Phillips, and Caterpillar are recognizing that cap-and-trade legislation is dead in the U. S. Congress and that global warming alarmism is collapsing rapidly. We hope that other major corporations will soon see the light and drop their support for cap-and-trade and other energy-rationing legislation,” he said in a statement.

    NEW YORK (Dow Jones)--Major oil companies BP PLC (BP:$55.910000,$1.240002,2.27%) (BP, BP.LN) and ConocoPhillips (COP:$49.86,00$1.19,002.45%) said Tuesday that they are pulling out of the U.S. Climate Action Partnership, or Uscap. The two companies said they would have more success in influencing climate debate by going solo than as part of the consortium.
    The departure of two of the group's three integrated oil-company members signals a growing rift between different branches of the energy sector and how they fit in the climate legislation debate. Oil producers argue that climate legislation, as currently proposed, places an undue burden on refining operations and ignores natural gas, a relatively-clean burning fuel, while giving a break to coal producers. Uscap counts coal producers, as well as utility providers and manufacturing companies, among its members, reflecting a wide range of interests. Uscap members have been urging the federal government to form policies that would clear up uncertainties surrounding climate risks and to invest in clean technologies.
    But the bills being considered in Congress "to date have disadvantaged the transportation sector and its consumers, left domestic refineries unfairly penalized versus international competition, and ignored the critical role that natural gas can play in reducing [greenhouse-gas] emissions," said ConocoPhillips (COP:$49.86,00$1.19,002.45%) Chief Executive Jim Mulva in a press release. The company will focus on developing natural gas, a lower-emission fuel, as an opportunity to reduce emissions and create jobs.
    BP feels it "can be more effective if we show up in the discussion as BP," said company spokesman Ronnie Chappell.
    Meanwhile, Royal Dutch Shell PLC (RDS/B:$53.70,00$1.17,002.23%) , the remaining Uscap member among major oil companies, plans to stay in the consortium and to call for federal legislation to protect existing jobs, create new ones and offer incentives to cut emissions and develop lower carbon engines, said company spokeswoman Jill Davis.
    Construction- and mining-equipment maker Caterpillar Inc. (CAT:$56.9795,$0.7795,1.39%) is also leaving the organization. In a statement, Uscap said that, while BP, Caterpillar (CAT:$56.9795,$0.7795,1.39%) and ConocoPhillips (COP:$49.86,00$1.19,002.45%) have decided not to renew their memberships, it "expects to add new members in coming months." The organization views energy legislation as an instrumental way to create American jobs and to spur clean-energy investments.
    For now, climate legislation in Washington may be stalled but the prospect of new laws continues to loom over refiners. Under the Waxman-Markey bill passed by the House last year, U.S. refiners were allotted just 2% of the total free emissions credits even though the industry accounts for about 40% of emissions. U.S. refiners have been arguing that the added costs from having to purchase carbon credits could spur a wave of plant closures and increase reliance on foreign imports of gasoline and other products.
    Without a substantial recovery in demand, refining margins are expected to remain compressed as higher biofuel-blending requirements and fuel-efficiency standards kick in.
    Conoco and BP are among the U.S.'s largest refiners.
    "By taking away existing credits and increasing taxes, we are alienating people we need to be part of the solution," said Paul Dickerson, a partner at law firm Haynes and Boone LLP in Houston who previously served as chief operating officer of the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. U.S. oil producers and refiners, he said, have their backs up against the wall at a time when their expertise is needed to develop renewable fuels.
    BP wants climate legislation that "sends the right signals to all energy producers and all energy consumers," Chappell said.
  2. brett636

    brett636 Well-Known Member

    This is good news. This scam needs to be exposed for what it is, and that is a massive power grab on the part of the government and nothing more. The climate has always and will always change, and to think we have anything to do with or can do anything about it is simply overstating our influence on this planet.