BP, ConocoPhillips and Caterpillar Quit Cap-and-Trade Lobby Group; PepsiCo Should Do The Same

Nooyi photoAlthough they never should have been a part of it in the first place, three major companies have exited the U.S. Climate Action Partnership (USCAP), a coalition of corporations and environmental groups. USCAP’s mission is to “quickly enact strong national legislation to require significant reductions in greenhouse gas emissions.” The House has obliged and the result, the Waxman-Markey bill, is too strong for both the Senate and the American people.

Instead of taking a principled stand against massive government intervention in the energy economy, corporate executives argued that global warming legislation was coming anyway, so it was better to be inside the room when it was negotiated. This was the same argument made by pharmaceutical companies when they threw their support behind Barack Obama’s health care plan.

This argument — that it is better to be in the room than “on the menu” — turned out to be just …