GEITHNER SPEAKS AGAIN - AT 2:59 P.M. ET:

WASHINGTON, March 4 (Reuters) - U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.

It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.

COMMENT:  This is madness.  Look, I have no brief for oil and gas companies.  I don't own their stock.  I don't even know anyone who works for any of those firms.  I'm sure some of them have done nasty things.  (Texaco was once induced into sponsoring broadcasts of the Metropolitan Opera because it would improve Texaco's so-so image.) 

But, for a century, oil and gas companies have provided this nation with remarkably cheap energy, making possible lifestyles that those in previous generations could only dream about.  Knifing them in the back, and disparaging what they do, is not helpful.  Basing these attacks on the "science" of global warming is especially unhelpful, as that "science" is coming under increasing criticism from responsible researchers.

March 5, 2009.