Only a month ago BP – which not long ago promoted itself as “Beyond Petroleum” – released an “energy outlook” video that projected 99 percent of America’s energy will be supplied domestically by 2030, in part because it says the U.S. will grow production from renewable sources 202 percent by that time.
Just don’t expect BP to participate in the alleged alternative energy “boom.” The London-based petroleum producer announced last week it would dump its investments in U.S. wind energy projects, which were said to be worth $3.1 billion. It’s hard to believe they’re really worth that much, however, especially without government subsidies – not to mention the fact that BP is so easily discarding “assets” that are supposed to hold great value. The move follows a December 2011 announcement that the company would exit the solar business.
Today I discussed the increasing pressure on BP to suspend its dividend with Matt Miller of Wealth-X, along with CNBC co-hosts Amada Drury and Larry Kudlow. Rep. Peter Welch (D-VT) has organized a letter signed by 50 members of Congress demanding such a suspension. Here's a transcript:
It’s revealing that the “greenest” of the big international oil companies is now responsible for one of the worst ecological disasters in history. Maybe BP should have concentrated on its core mission of efficiently and safely producing oil instead of trying to make us believe that BP stands for “Beyond Petroleum.”
Most big companies zealously guard their brand names. British Petroleum seems embarrassed by theirs. Even as the Deepwater Horizon gushes into its 42nd day, the BP website proclaims: