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Did Big Oil Kill Off Green Energy?

Daniel J. Graeber – Oil Price.com — December 30, 2012

The American Petroleum Industry announced the U.S. oil and natural gas sector spent billions of dollars last year on environmental programs. The energy lobby said it estimates that about 20 percent of all investments in low-carbon technology came from private energy companies. At the most recent international climate conference, world environmental negotiators were too ensnared by their own governmental interests to make any major breakthroughs. Groups like API, however, adhere to the adage that markets are more adept at innovation when freed from burdensome government regulations. But without at least some federal persuasion or economic incentive, it’s uncertain what 2013 holds for a low-carbon future.

API said the oil and natural gas industry spent around $13 billion last year on green initiatives under the current tax regime. A chunk of that investment targeted matters like spill remediation and corporate environment programs. Howard Feldman, API’s director of regulatory affairs, said about 20 percent of that money is going directly to low-carbon energy alternatives.

Related Article: Solar and Big Oil Join Forces in Middle East

“One of every five dollars invested in alternative energy technologies like wind and solar is from the oil and natural gas industry and we are committed to doing more,” he said in a statement.

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