Conoco Calls For Emissions Cap

ConocoPhillips is the first American oil company to advocate a U.S. emissions cap, positioning itself to help shape potential federal legislation. Acknowledging that fossil fuels contribute to global warming, the company joined a group of corporations drawing up a plan for a nationwide ceiling.

The industry group—the U.S. Climate Action Partnership—is predicated on the conviction that federal legislation will be easier and cheaper to navigate than a hodgepodge of local rules. Conoco's CEO Jim Mulva also told the Journal that a broad U.S. cap would make it easier to forge "linkages" with the developing world, where emissions credits are cheaper. (More global warming stories.)