Global Warming Policy and Rent Seeking, Part II

Last week I posted on corporate “concern” over global warming as a thinly-veiled form of rent seeking. Here’s a great example:

Britain’s oil giants should get cash help from the Government so they can work towards reducing greenhouse gas emissions, the chief executive of BP said today. Lord Browne said his firm was working on a pioneering reduction technology, but argued that companies would need the lure of subsidies to take up on the technique, called “carbon capture”, which experts claim can reduce greenhouse gases significantly. The call is likely to anger motorists, who are facing increasing petrol costs on the forecourt, and MPs, many of whom have been urging the Government to slap a windfall tax on the oil companies which have seen profits soar on the escalating prices of oil, which has risen by about 40 per cent a barrel this year.