The Oil Empire Strikes Back

I don't actually think that oil companies are inherently evil. Really. But there is a problem when large, wealthy corporations act as though their only responsibility is to maximize short-term profits, at the expense of our health, our communities, and perhaps even our long-term survival.

The bigger problem is that under current law, the corporations are largely correct in that assumption. We need to change the laws governing corporations, so their responsibility under the law extends beyond their most recent quarter's stock price. Instead of relying upon the courage and conscience of a relative few corporate executives who have embraced social and environmental responsibility, we need to raise the lowest common denominator, so that all corporations must take the interests of people and the environment into consideration.

If we did that, then the Texas oil companies Valero and Tesoro would not be trying to eviscerate AB 32, California's landmark law on global warming. As oil companies that operate refineries in California, Valero and Tesoro must believe that implementation of AB 32 will result in them selling less gasoline. Less gasoline sold means less $$$ in their pockets. So they are trying to halt implementation of AB 32: http://news.yahoo.com/s/ap/20100404/ap_on_bi_ge/us_calif_climate_law_backlash.

Burning more gasoline is bad for people's health and the environment, and global warming may be a threat to human survival. Valero and Tesoro know that. They just don't care. We can make them care, by passing laws that require higher levels of corporate responsibility and accountability.

In the meantime, we should ignore their arguments that we should sacrifice our health, our environment, and our lives on behalf of their stock price.