3 Prevalent US Corporations Slam Current Climate Legislation-

Three influential corporations which were participating in America’s pro-climate bill recently resigned, attributing their exit to disapproval of presently discussed Congressional plans to cap greenhouse gases. BP America, Caterpillar, and ConocoPhillips state that their exit is due to biased cap-and-trade provisions, with coal-fired power plants to receive excessive accommodations while transportation fuels assume the overwhelming brunt of regulation. “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,” said Jim Mulva, chairman and chief executive of ConocoPhillips. The withdrawal of these three powerful corporations will significantly impact the future of the pro-climate bill, with an especially hard-blow on the American public as the initiative coincides with President Obama’s efforts to create new, sustainable jobs throughout the nation. The White House has not yet offered its comments on the recent situation, most likely due to waves of publicity following the President’s first State of the Union Address in which he affirmed prospects of offshore oil drilling and a federal loan guarantee to nuclear power. Although President Obama personally voted for the climate bill last July, he has offered diminutive follow-up commentary on future plans; with many environmental groups that were formerly praising Obama for his eco-friendly efforts, such as Friends of the Earth, now identifying him as a “full-blown nuclear proponent.” Unfortunately for pro-climate bill supporters, the U.S. Chamber of Commerce, the State of Texas, and Senate Republicans are currently engaged in lawsuits to stop the EPA from monitoring greenhouse gases; designating 2010 a grim year for climate regulation and communal accord.