Companies Leave Group That Backs Cap-and-Trade


Officials at energy companies BP and ConocoPhillips and equipment manufacturer Caterpillar announced Tuesday they would not renew their membership in the U.S. Climate Action Partnership, a business group formed to advocate enactment of climate and energy legislation that includes a cap-and-trade program to reduce greenhouse gas emissions.

The loss of three major companies has dealt a blow to the now 28-member group and further dims prospects for the cap-and-trade bill that passed the House last summer and is awaiting action in the Senate, according to the Washington Post.

Conoco and BP cited concerns about the effect that proposed climate legislation might have on the oil refining business. James J. Mulva, Conoco chief executive, said in a statement that the current bill “left domestic refineries unfairly penalized versus international competition.”

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3 responses to this post.

  1. I don’t think their unfairly penalized, it’s fair, they just wont to make bigger profits without paying the costs for the nature.

    Tim ~ Trading programs and nature issues

    Reply

  2. Posted by Bob on February 23, 2010 at 2:27 am

    In our community they have pulled their drilling rigs. Our county’s severance taxes pay nearly 40% of the county taxes. That is school districts, fire districts, as well as other operating county budgets. I just hope the cap & trade games are gone forever. It is time that responsible economics and care of the environment, and it is done in a systematic manor. We are all stewards of the soil and we need to utilize all of the resources that have been afforded to us.

    Reply

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