By Jim Snyder - 03/11/10 01:26 PM EST
Ben also blogged about this.
Meanwhile, the president’s goals of boosting exports and combating climate change are “colliding,” according to Bloomberg, “as the U.S. Export-Import Bank expands financing for oil, gas, mining and power-plant projects.”
From Bloomberg: “Bank-supported ventures approved in the year ended Sept. 30 will emit an estimated 17.9 million metric tons of carbon annually, more than triple the previous year and the most since the lender started releasing data in 2001, according to its annual reports.”
Despite the global push to reduce greenhouse gas emissions, BP thinks there is still a future for fossil fuels apparently.
The company “bought into a diverse and broad deepwater exploration portfolio that includes assets off the shores of Brazil, Azerbaijan and the U.S., in a $7 billion deal with U.S. independent oil and gas producer Devon Energy Corp.,” the Wall Street Journal reports.
“The deal gives BP a greater footprint in two of its core areas—the Gulf of Mexico and the Caspian Sea—and its first entry into Brazil's prolific offshore basins,” according to WSJ.
Is the environmental political message about to be buried under an onslaught of ad-buys from big business? A recent Supreme Court ruling gave corporations the same right as individuals to free political speech, including spending on advertising.
“The decision could affect every issue and every political race in this congressional election year, but those pushing for a federal law to limit greenhouse gas emissions say it will hit them harder because business interests have much more money to spend on these campaigns,” Reuters says.