Thursday, June 03, 2010

John Kerry Sells YOUR Wallet to Big Biz

Imagine that!

...To help sell the act, Kerry has lined up several industrial strength energy suppliers and users. Their support forms the basis of Kerry's claim that the American Power Act is good for the economy. But why do big businesses support a bill that will increase the costs of doing business in this country?

General Electric helped write portions of the bill to tilt the market in its favor. If Congress puts a price on carbon, coal will lose market share to nuclear power and natural gas. GE is a global leader in these two industries. This is par for the course for GE. In 2007, it spent millions lobbying for an energy bill that bans incandescent light bulbs. The company just happens to be a world leader in the production of compact fluorescent bulbs.

(Something ELSE that the new Congress had better change, unless they prefer riots.)

Goldman Sachs, Morgan Stanley, and other Wall Street firms long have lobbied for climate legislation because they would reap huge fees in brokering the trade of energy-rationing coupons (a.k.a. carbon credits) under a cap-and-trade scheme.

Exelon, America's most valuable utility, is such a staunch supporter of climate legislation that it split from the U.S. Chamber of Commerce over the Chamber's opposition to cap-and-trade.

British Petroleum and Conoco Phillips opposed cap-and-trade legislation enacted by the House of Representatives because they thought it was insufficiently generous. In the Senate, they got a better deal. Senator Kerry said that he's "been working very closely" with BP and C-P, and the lobbying has paid dividends. The refining industry receives twice as many free carbon credits under Kerry's cap-and-trade scheme as the one established by the House.

(Where, oh where, have I heard "British Petroleum" before???)

Chemical manufacturer Dupont, for business reasons, phased out the use of HFC-23, a chemical gas that happens to be thousands of times more potent a greenhouse gas than carbon dioxide. The American Power Act allocates 1 percent of the carbon credits from 2013-2015 to companies that performed "early action" policies to mitigate climate change. The company could reap hundreds of millions of dollars, just for doing business as usual.

Increasing nuke-generated electricity is a good thing, of course; GE and Exelon were on the side of the angels on that call.

But it should be clear that Kerry is unable to discern the national interest on his own. He shouldn't need the "help" of lobbyists to write a bill which preserves and/or enhances US energy independence.

And companies which have interests opposed to those of the public can go straight to Hell.


Billiam said...

Yep. Al Gore as well as anyone affiliated with the CCX will make a ton as well. It's quite the scheme from these corrupt jack-offs.

neomom said...

And GE stock ain't broke $20 for like two years - yet Immelt remains at the helm. Curious.

TerryN said...

GE is in the sweet spot. Use NBC to champion their cause and the whole "family" makes billions.