Big Oil Pulls Out of Warming Group
Posted by greg2213 on February 16, 2010
There wasn’t much in it for them. Guess they realized they were getting a raw deal. Not that this means they are pulling out of the warming game, but they want to do it from a different direction.
ConocoPhillips and BP today announced they were pulling out of the U.S. Climate Action Partnership, a powerful alliance of businesses and environmental groups that has backed anti-global warming legislation on Capitol Hill.
USCAP was instrumental in shaping the climate change bill that passed the House last year and lobbying for a government giveaway of valuable carbon dioxide emissions allowances designed to soften the business costs of complying with a new nationwide cap on greenhouse gases.
But oil industry leaders have complained that the House-passed bill would only donate 2 percent of those emissions allowances to refiners — an amount that would only cover about half of the annual emissions from the refining process, much less the emissions produced when consumers burn their fuels in cars, trucks and planes. All told, refiners would ultimately be responsible for 44 percent of U.S. greenhouse gas emissions, according to the American Petroleum Institute.
The rest: They back out of the climate deal