USA: BP & ConocoPhillips Withdraw From USACP
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Friday, 19 February 2010 |
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ConocoPhillips, and BP have dropped out of the U.S. Climate Action
Partnership (USCAP), the coalition of corporations and environmental
groups that has been most prominent in pushing Congress to pass
cap-and-trade legislation.
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.
ConocoPhillips and BP said that USCAP has served its purpose and that
they prefer to pursue their interests independently.
Conoco and BP cited concerns about the effect that proposed climate
legislation might have on the oil refining business. Conoco chief
executive James J. Mulva said in a statement that the current bill
"left domestic refineries unfairly penalized versus international
competition."
The oil giants also want to do more to promote natural gas, which has
become more abundant because of recent developments in the exploitation
of shale gas and emits half as much greenhouse gas as coal does. The
legislation adopted by the House included benefits for coal producers
and coal-fired power plants in an effort to secure the votes of key
lawmakers. Many natural gas producers think that more should be done
for them.
Shell Oil said it is staying in USCAP, despite the exit of fellow oil
giants. "Shell has long supported a market-based approach to addressing
energy supply and CO2 emissions," the company said in a statement. "We
are pleased to continue our association with USCAP."
Alternative Fuels 190210 Source: Washington Post
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