Business execs and military leaders smack down Bush energy policy

Millionaires Beg for Change

Prominent business execs and retired military officers are down on their knees begging Congress and the Bush administration to cut U.S. dependence on oil. "It's the height of folly for the U.S. to continue on this course, lest we have some major economic or national-security problem," says FedEx CEO Frederick W. Smith, cochair of the Energy Security (God-Knows-We-Need-) Leadership Council. Along with repetition of the domestic-drilling-and-biofuels-will-save-us refrain, the council is asking the feds for a 4 percent annual increase in fuel-economy standards for cars, SUVs, and heavy trucks. The 16 members -- including higher-ups from Dow Chemical, Waste Management, UPS, Goldman Sachs, and Southwest Airlines -- will advertise and lobby to nearly halve U.S. oil dependence by 2030. And, says soon-to-be House Majority Leader Steny Hoyer (D-Md.), "When prominent CEOs and military leaders get together to advocate an issue as important as energy security, people listen." Guess we'll find out.

straight to the source: Financial Times, Carola Hoyos, Edward Luce, and Krishna Guha, 13 Dec 2006

straight to the source: Detroit Free Press, Justin Hyde, 13 Dec 2006

straight to the source: The New York Times, Matthew L. Wald, 13 Dec 2006

straight to the source: The Wall Street Journal, John J. Fialka, 13 Dec 2006 (access ain't free)

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Prevent TXU Equity Funding

The Rainforest Action Network is urging private banks around the world to reject solicitations by utility company TXU Corp. for $11 billion in debt and equity to finance 11 coal-fired power plants in Texas. Rainforest Action has issued formal letters to 54 financial institutions, asking them to withhold financing for TXU's project. The letters, from RAN's Executive Director Michael Brune, described the TXU project as a "risky transaction" and warned that in addition to the significant climate concerns, the expansion of the coal industry "is associated with destructive and unsafe methods of extraction, as well as the harmful local impacts of mercury and nitrogen oxide pollution." The project's three leaders of the financing deal are are Citigroup, Morgan Stanley and Merrill Lynch. Via Dallas Business Journal.

by jetsongreen at 12:08 PM on 14 Dec 2006

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