The still-growing Climategate scientific fraud scandal has already started to move public opinion against global warming alarmism. And even people who believe in looming climate catastrophe aren’t too happy about cap-and-trade legislation that would force them to pay more (and in reality, much, much more) for energy. What has kept cap-and-trade legislation alive in Congress is strong support from big business. Many major corporations have figured out that they can make billions of dollars in windfall profits if a cap-and-trade scheme is enacted that will give them free ration coupons and force consumers to pick up the bill.
Big business support began to crumble on Tuesday — and in a big way. In separate announcements, BP America, Conoco Phillips, and Caterpillar dropped out of the main lobbying group for cap and trade, the U.S. Climate Action Partnership (USCAP). BP sent a letter to its fellow coalition members, Conoco Phillips sent out a press release, and Caterpillar had its name taken off the USCAP website and then confirmed that it was dropping out when media inquiries were made.
All three corporations say nice things about USCAP and how much their participation in it has meant to them. And they all say that they are still committed to working for policies to reduce greenhouse gas emissions. So why are they pulling out? Conoco Phillips was the most candid in its press release: “House climate legislation and Senate proposals 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 GHG emissions,” according to chairman and CEO Jim Mulva.