The American Petroleum Institute (API), commenting on Obama's earlier [image-nocss] remarks at the meeting, said that the proposals being discussed would drive up fuel prices by shifting U.S. refining capacity abroad and increasing reliance on foreign supplies of gasoline and diesel.
U.N. talks are meant to be agreed on by unanimity. Under a compromise to avoid collapse, the deal would list the countries that were in favor of the deal and those against.
Following the conference in Denmark on Friday, President Barack Obama said, "Today, we've made a meaningful and unprecedented breakthrough.... For the first time in history, all major economies have come together to accept their responsibility to take action to confront the threat of climate change."He added, "We've reaffirmed America's commitment to transform our energy economy at home. We've made historic investments in renewable energy that have already put people back to work. We've raised our fuel efficiency standards. And we have renewed American leadership in international climate negotiations. Most importantly, we remain committed to comprehensive legislation that will create millions of new American jobs, power new industry and enhance our national security by reducing our dependence on foreign oil."
In his formal remarks earlier in the day, Obama said, "As the world's largest economy and as the world's second largest emitter, America bears our responsibility to address climate change, and we intend to meet that responsibility. That's why we've renewed our leadership within international climate change negotiations. That's why we've worked with other nations to phase out fossil fuel subsidies. That's why we've taken bold action at homeby making historic investments in renewable energy; by putting our people to work increasing efficiency in our homes and buildings; and by pursuing comprehensive legislation to transform to a clean energy economy."
"These mitigation actions are ambitious, and we are taking them not simply to meet global responsibilities. We are convinced...that changing the way we produce and use energy is essential to America's economic futurethat it will create millions of new jobs, power new industries, keep us competitive and spark new innovation. We're convinced, for our own self-interest, that the way we use energy, changing it to a more efficient fashion, is essential to our national security, because it helps to reduce our dependence on foreign oil and helps us deal with some of the dangers posed by climate change."
Commenting on Obama's speech, API president and CEO Jack Gerard said, "We agree with President Obama on the importance of addressing global climate change; however, Congress's leading proposals could destroy millions of jobs, drive up fuel prices, and, by shifting much of our refining capacity abroad (along with refinery greenhouse gas emissions), substantially increase our reliance on foreign supplies of gasoline, diesel and other petroleum fuels. Worse, the president's own EPA is poised to issue an expansive regimen of climate regulations that could cripple business growth and job creation, dimming employment hopes for 15 million now out-of-work Americans."
He added, "Often overlooked is the U.S. oil and natural gas industry's leading role developing green technology. Between 2000 and 2008, the industry invested more than $58 billion in greenhouse gas mitigation projects, more than either the federal government or the rest of the private sector combined. These investments will pay off in emission reductions as they already have in new jobs."
Gerard concluded, "Public support for government climate change proposals has waned. It's time for all stakeholders to come together to craft a fair, efficient, market-based climate change strategy that minimizes the burden on consumers and jobs."
Click hereto read a transcript of President Obama's speech in Copenhagen. Andclick here to read the full text of the additional remarks by the President.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.