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And it got dropped by the wayside amid -- push for financial report.
Is a climate change initiative but utility executives still making it a top -- joining us now is American Electric Power chairman and CEO.
Michael Morse Michael great to see again thanks for -- -- -- happy to be here as always so what happened.
Of course we had climate gate we have a lot of problems with people that were pushing that -- sort of global warming agenda a lot of their scientific evidence seemed to fall flat is that -- says stop -- legislation.
Well I think to your point.
-- introduction the economy has really slowed issues -- and and I think almost anyone looks at Copenhagen would argue that it was a pretty massive failure.
Follow the many of us thought we would go there and -- via.
Really global approach to a global issue and it was clear.
There was anything other than that it was an argument over transfer of payments and that isn't about global warming that's about other matters.
I would argue and some would say you know wrongly -- the president had an opportunity to pull something together that at least they -- on the court.
It's week to say the best but many of us still think rather than being regulated by the Environmental Protection Agency.
That some finite legislation here in the United States which needs to be global in nature is a better approach and going day today.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- In truly as risky.
So what do you do do you try to work I mean once again the public's appetite for this thing is -- low.
You're one of those -- usual industry -- who think it might be a good thing but it again of the American public looks -- climate gate they look at the Arctic ice packs.
Getting bigger not smaller they look at they look at the weather outside seemingly getting colder not warmer and you're -- an uphill battle.
Well we are indeed and that Kerry Graham Lieberman was the most recent approach in the senate where obviously Democrat Republican independent began working on an answer and for companies like American electric power and others who have a very significant carbon footprint.
The allocation of credits like the Clean Air Act back in the eighty's and ninety's covering a 100%.
The utility footprint was really to our customers advantage in that would have sustained for a number of years while we allowed technology to come forward.
But it had a very very strong global approach to -- there are a handful of senators democratic for the most part from the middle west states.
That kept saying letters to the president the White House to Kerry and Graham and Lieberman.
If you don't take a global approach to this and it's just simply penalize in the US economy than it isn't the way to go that's right because you and I chatted before.
This isn't US warming and Michael I talked to so many.
Small and medium -- businesses were energy -- -- everything from.
From bakeries to even bankers who say that you know just they keep in the thermostat as low as they -- isn't saving enough money they say.
This could be attacks on their business that could drive them out of distance and no question that that is something of great concern and so.
What would a utility like ours do with a free allocated credits we wouldn't credit them directly to the cost of providing service to our customers so.
If you are a bakery a laundry mat at pizza guy if fear Wal-Mart our largest commercial customer you would see no increase.
In your cost of electricity under the legislation that was being discussed that Kerry Graham Lieberman.
I think one of the principle foundations of that law was offshore drilling.
And clearly it has been devastated as one of the four principles that we're going to bring I would argue some.
Republican senators to the -- I literally have to go but how does the oil spill affect your business.
Well it all depends what happens with the price of oil because natural gas in this country is tied somewhat to that -- you see.
An escalation of price of natural gas.
Coal prices are are gonna dampen down some I think -- natural gas has a long way to go because it's been down significantly for the past year and a half without question though if you look at the natural gas shale play.
The fundamentals tell you that it ought to be four -- six dollars.
We think that the offshore issue won't have much an effect on the cost electricity.
There's almost no oil in electric production in the United States Michael Morris American Electric Power good to see Michael thanks for -- thank you -- the city.
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