“Many inside the company, including Tony Hayward, had long thought that [John] Browne was distracted by his pet issues of climate change and environmentalism, and by his flirtations with the public spotlight. They thought he had been obsessed with branding the company and lowering its carbon footprint at the expense of BP’s real business, producing and selling oil.” – Abrahm Lustgarden, Run to Failure: BP and the Making of the Deepwater Horizon Disaster (2012), p. 203.

“The world’s carbon budget is finite and running out fast. We need a rapid transition to net zero.” – Bernard Looney. CEO, BP, quoted in Financial Times, February 12, 2020

British Petroleum Company, then BP Amoco, then BP, has had a troubled history since it went political in the 1990. That history deserves revisiting given its latest rebranding effort.…

Editor Note: The important role of defunct Enron Corp on climate issues has been well documented at MasterResource. This post by Bruce Stram, who served as Enron’s chief economist for most of his 20 years at the corporation, adds to the historical record. [Part II tomorrow will describe Enron’s revisionist view of the natural gas resource base that was related to promoting gas as a “bridge fuel” to “sustainability.”]

Several papers I had written made me Enron’s environmental policy lead by 1992. I was blessed with a CEO/Chairman Ken Lay who understood that a carbon tax or cap and trade was good for natural gas relative to other fossil fuels, and we were of course a natural gas company.

We had developed a theme about the environmental goodness of natural gas.…

“Using ethanol for vehicle fuel is hardly a new practice. In fact, ethanol has been used for fuel for more than 100 years. A USDA report noted, ‘The use of alcohol as an automobile fuel dates back to the first modern internal combustion engine, the Otto Cycle (1876), which used alcohol as well as gasoline. Henry Ford designed the Model T (1908) to use alcohol, gasoline, or any mixture of them.'”

In September 1995, the Cato Institute published Policy Analysis No. 241 by then associate policy analyst at Cato, James Bovard. “Archer Daniels Midland: A Case Study in Corporate Welfare” is at once eye-opening and infuriating. ADM was not only the “most prominent” but also the “most arrogant” recipient of special government (read taxpayer/consumer) favor in the U.S. Only Ken Lay’s Enron, on a much broader basis, could rival ADM chair Dwayne Andreas.…

At 41, [James Rogers] was named CEO of PSI Energy Inc., a small, financially troubled Indiana utility. Breaking ranks with others in the electric-power industry, he supported legislation putting caps on sulfur-dioxide emissions. “Some of my guys thought I was drinking the environmental Kool-Aid,” he said later. “But I said, ‘Let’s shape this, let’s make some money.’”

– James Hagerty, “Jim Rogers, Head of a Coal-Burning Utility, Crusaded Against Global Warming.” Wall Street Journal, December 20, 2018.

“I made money on sulfur [dioxide], and I’ll make money on carbon [dioxide].”

– James Rogers. Quoted in Eric Pooley, “The Smooth-Talking King of Coal–and Climate Change.” Bloomberg Businessweek, June 3, 2010.

James Eugene “Jim” Rogers Jr. (1947–2018) was a notable political capitalist (rent seeker) of the late 20th/early 21st century electricity market.…