BP chief says better ways to preserve jobs than by supporting coal industry

She said coal is three times less expensive than natural gas and was an abundant and “increasingly clean” resource that should continue to be the mainstay source of electricity generation.

Coal now accounts for around 50 percent of the power generated in the United States, but is responsible for about one-third of the country’s carbon dioxide emissions.

Echoing a complaint common in the natural gas industry, Hayward said the coal industry was “disproportionately favored” in the House climate legislation. But he said he was encouraged by the direction of climate talks in the Senate.

BP recently dropped out of the United States Climate Action Partnership, a coalition of companies and environmental groups that developed a framework the House climate legislation built upon.

Despite that decision, Hayward says his company continues to support a “cap and trade” legislation as the best way to lower carbon dioxide emissions and also spur investments in cleaner sources of power.

Hayward indicated he was encouraged by the effort by Sens. John KerryJohn Forbes Kerry2020 Dems compete for top campaign operatives Kentucky candidate takes heat for tweeting he'd like to use congressman for target practice Breitbart editor: Biden's son inked deal with Chinese government days after vice president’s trip MORE (D-Mass.), Lindsey GrahamLindsey Olin GrahamSenators introduced revised version of election cyber bill GOP senators push tougher sentencing for synthetic opioid Dems aim to turn ObamaCare hikes into election weapon MORE (R-S.C.) and Joseph Lieberman (I-Conn.) to write compromise climate legislation.