Mandatory government regulation of carbon dioxide is “the right direction” to combat global warming according to CNN’s Ali Velshi.
Velshi’s April 12 “American Morning” report detailed how ConocoPhillips (NYSE: COP) CEO James Mulva embraced the idea of regulation. “ConocoPhillips has become the first U.S.-based oil company to support national regulation of greenhouse gas emissions. It is a big step. It’s one that the two biggest
He told viewers that Mulva vowed to increase funding of alternative and renewable fuels, but also said this would ultimately cost at the pump. According to Velshi, Mulva “said pretty clearly that alternatives to drilling, refining and burning oil are going to cost more and that cost is going to be passed on to consumers.”
That cost and mandatory regulations were just fine with Velshi who called the company’s moves “big, big steps in, you know, what I’m not afraid to say is the right direction.”
Anchor Miles O’Brien chimed in to support the regulations, pointing out that “implicit in this is a growing body of thought that it's good business.” Velshi responded to that idea very strongly. “Absolutely, it’s good business. People won’t have to make choices. This will face us and companies that are ahead of this thing, figuring out ways to do it, will be the beneficiaries.”
The day before, the very same CNN team had again focused on oil companies and promoted a congressional inquiry into higher gas prices [1]. That time it was O’Brien echoing a congressman’s attack on the oil industry. “A congressional chairman flexes his muscle with Big Oil over the skyrocketing price of gas and we say: Go to it!”