Exxon Funded Think Tank Says Climate Bill Will Wreck Economy

The latest in a recent line of attacks against the American Power Act comes from the Heritage Foundation, a conservative think tank funded in part by oil companies like ExxonMobil and Chevron Texaco.

Their attempt to derail the climate bill comes in the form of a “study” the group released this week claiming that the bill will surely wreck our economy.

The group released the report after President Obama signaled recently that the BP oil spill in the Gulf of Mexico highlighted America’s need for energy reform.

Titled “Oil Spill Does Not Justify Wrecking the Economy,” the report claims the “APA aims to increase energy prices, which would kill jobs and protect large corporations at the expense of the consumer—all for a minimal effect on the earth’s temperature.”

Throughout the group’s report, numerous source citations appear, in an effort to give the report some credibility. However, most of these citations link back to the think tank’s previous articles about climate change, which were funded in part by the large oil companies.

Since 1998, The Heritage Foundation has received more than a half million dollars in funding from ExxonMobil (NYSE:XOM) alone. As Exxon has a history of falsifying climate data to further their own agenda – for example, the scandal in which they offered $10,000 to any scientists willing to dispute climate change science – any report issued by a group being funded by Exxon should immediately become suspect.

As for the claims about wrecking our economy, all available research shows that the APA will be a significant boost to our lagging economy by creating jobs and lowering energy costs for Americans.

As the American Power Act quickly gains momentum in Washington, we can expect more attacks on the bill’s provisions in the next few months. The difficult task will be sorting out those with valid arguments against the bill, and those who have a financial stake (like Heritage) in the bill’s demise.