Last night it was reported by Reuters, following up on an interview in the Financial Times (subscription required) that James Hackett, chairman and chief executive of independent oil and gas company Anadarko Petroleum (NYSE: APC) said, "Washington's energy and environmental policy risks plunging the United States into an economic tailspin that could make it the world's cleanest third world country."
Seems he is not partial to the global warming crowd as indicated by his statement that "The histrionic and maniacal focus on carbon dioxide is intellectually repugnant to me," but how does he really feel?
What specifically does Hackett think there is about trying to be environmentally conscientious, that is not meritorious? Is it just money? How much would be worth spending, and on what? Perhaps it is the movement toward "cap and trade" legislation? If this is the case he is not alone as the Wall Street Journal and Mother Jones have expressed doubts, too.
Does he fear that oil companies, in particular his (and mine), will find their bottom lines squeezed? There might be some room there, see: Chasing Value: Anadarko (APC) Q4 profits triple. APC closed up yesterday $43.96 and is up in mid-day trading $44.81. The stock is up about 30% in 2009.
I think we should always question new government programs and in particular, ones that are not revenue neutral. It may be Democrats are rubbing their hands together more about another source of revenue than the potential environmental improvement. While this is a very cynical view regarding new legislation and taxes, it is not the least bit overly concerned to fret that government is too big now and getting bigger daily!
I think if I were running for office I would promote a policy that we remove a law every time we create one.
Update: APC closed today at $43.69, off 0.27, or 0.61%
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of APC and options.
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Reader Comments (Page 1 of 1)
4-14-2009 @ 1:30PM
clikdawg said...
As with marriage, so with government:
Legislate in haste, repent at leisure.
The faster they tell me I need to let them act, the more I know they're bullshitting me into lining their pockets.
Yeah -- it really is that simple, at this point in history ...
4-14-2009 @ 3:18PM
JCH said...
I'm an oil and gas investor, since 1983, and have owned Anadarko. They are a fine company, but their CEO is an idiot.
GW is real; it really is a threat. Anybody who has any science background should already understand this.
Any oil and gas company that is led by a CEO and board that thinks lying and dodging about human-caused global warming remain viable strategies for stewardship of their shareholder interests into the future is led by incompetent and dangerous people.