BP America, Conoco Phillips, and Caterpillar Drop Out of the U. S. Climate Action Partnership

BP America, Conoco Phillips, and Caterpillar Drop Out of the U. S. Climate Action Partnership

February 16, 2010

 

Statement by Myron Ebell, Director of Energy and Global Warming Policy for the Competitive Enterprise Institute on BP America, Conoco Phillips, and Caterpillar Dropping Out of the U. S. Climate Action Partnership

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. 

These announcements are most welcome, but they do not mean that we can relax our efforts to defeat and roll back energy-rationing legislation and regulations.  Many policies and proposals that would raise energy prices through the roof for American consumers and destroy millions of jobs in energy-intensive industries still pose a huge threat.  These include the EPA’s decision to regulate greenhouse gas emissions using the Clean Air Act, environmental pressure group efforts to use the Endangered Species Act to stop energy production and new power plants, the higher fuel economy standards for new passenger vehicles enacted in 2007, presidential executive orders, and bills in Congress to require more renewable electricity, higher energy efficiency standards for buildings, and low carbon transportation fuel standards.