UPI reported this morning that ConocoPhillips Co. became the first major U.S. oil company to call for a federal global-warming-emissions cap.
The Houston-based oil company said it had joined the U.S. Climate Action Partnership, a group of corporations outlining broad principles they propose for a U.S. emissions cap.
"We recognize that human activity, including the burning of fossil fuels, is contributing to increased concentrations of greenhouse gases in the atmosphere that can lead to adverse changes in global climate," Chairman and Chief Executive Jim Mulva said.
Britain's BP PLC has also endorsed a U.S. global-warming emissions cap and is in USCAP, along with industrial products and media conglomerate General Electric Co. while supermajors ExxonMobil Corp., Royal Dutch Shell PLC, Total SA and Chevron Corp. are not.
Mulva said ConocoPhillips believed "a mandatory national regulatory framework that links to international programs is most likely to achieve meaningful impact on global greenhouse gas emissions."
ConocoPhillips and other companies are endorsing a single nationwide cap because they believe it will be less onerous than a patchwork of state rules, The Wall Street Journal reported.