Big Oil Continues Its Crusade Against The Climate Bill


The American Petroleum Institute, the lobbying arm of “Big Oil” presses on with its anti-climate bill crusade.

The group spent $1.9 million in Q2 on lobbying, up 82% from the year before, and has already begun staging protests against the bill in Houston.

Today’s lob at the bill comes in the form of a report. The Wall Street Journal was given an advanced look:

The report’s findings, which are expected to be released Monday, project that by 2030, U.S. refining production could drop 17% from today’s levels if the climate bill is passed as currently proposed. The drop would have to be made up by foreign imports, the study says, meaning the U.S. could end up relying on other countries for 19.4% of its refined fuel — nearly twice the amount it imports today.

It’s silly to predict what the climate bill could do in 2030 to refiners. At that point who knows how many electric cars or hybrids will be on the road. Maybe we’ll have a major biofuel breakthrough. 

Later on in the Journal’s story, API President Jack Gerard is quoted as saying, “Equity is really what we’re asking for.” He thinks electric power producers are being given too many free carbon credits, compared to the oil industry.

It’s interesting to think that the oil lobby doesn’t want to shut down the bill. (Maybe it doesn’t think it’s possible?) Instead, it’s spending millions to just weaken the bill so that it’s better for oil companies.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.