ExxonMobil has repeatedly lashed out at Congresses cap-and-trade bill ever since CEO Rex Tillerson took aim at it in January.
More dire predictions from ExxonMobil, but what about success of the EU cap-and-trade system?
The bill, passed by the House of Representatives, will create volatility in energy prices, the uncertainty of a new financial market for trading pollution allowances and a vast new bureaucracy, the company has argued
In its recent Lamp magazine for shareholders, the attacked continued.
The bill will damage the U.S. economy, add unnecessary burdens to families, and create an economic disadvantage for American companies, said the company’s Vice President of Environmental Policy and Planning Sherri Stuewer in a published interview.
By picking industries to be shielded from the costs of cap-and-trade, it could result in the loss of domestic jobs and transfer as much as $60 billion of U.S. money overseas, she added.
Further, it targets local refining, increasing the nation’s reliance on petroleum imports and endangering national security, Stuewer said.
Whew! Good thing that didn’t happen to the EU from its cap-and-trade system or it would be in hell or high water.
