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Paul Dickerson in Dow Jones Newswire: BP, Conoco To Exit US Climate Action Partnership
02/16/2010
NEW YORK
-(Dow Jones)- Major oil companies BP PLC (BP, BP.LN) and ConocoPhillips (COP: 51.66, -0.04, -0.08%) said Tuesday that they are pulling out of the U.S. Climate Action Partnership, or Uscap. The two companies said they would have more success in influencing climate debate by going solo than as part of the consortium.
The departure of two of the group's three integrated oil-company members signals a growing rift between different branches of the energy sector and how they fit in the climate legislation debate. Oil producers argue that climate legislation, as currently proposed, places an undue burden on refining operations and ignores natural gas, a relatively-clean burning fuel, while giving a break to coal producers. Uscap counts coal producers, as well as utility providers and manufacturing companies, among its members, reflecting a wide range of interests. Uscap members have been urging the federal government to form policies that would clear up uncertainties surrounding climate risks and to invest in clean technologies.
This article excerpted from Dow Jones Newswire. For full text, click here.