At a Wall Street Journal conference in California last week, executives from the biggest U.S. businesses urged the federal government to step up and provide stable, predictable energy and climate change legislation.
Dow Chemical (NYSE: DOW) Cheif Executive Andrew Liveris said, "The entire chemical industry and manufacturing sector has lost 3.1 million jobs due to a lack of a coherent energy policy."
Robert Lukefahr, president BP (BP.L) Alternative Energy North America added, "We don’t know how to deploy capital when the rules change year on year."
And GE (NYSE: GE) CEO Jeffrey Immelt said tax credits due to expire this year are critical to supporting the U.S. renewable energy industry. He also said his company would sell its wind turbines to other countries, if favorable conditions are not available in the U.S.
"For some reason we decide that energy is the one industry in the world where the only policy should be the price of a barrel of oil," Immelt said. "I don’t know why an anti-technology, stick-your-head-in-the-sand approach is applauded by anybody."
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