Oil Giant Drops Out of ANWR Drilling Lobby Group(A)
After facing a shareholder resolution filed by Green Century Asset Management, Trillium Asset Management and other shareholder advocates, ConocoPhillips recently announced it is dropping out of Arctic Power, the main lobbying group pressing Congress to open the Arctic National Wildlife Refuge to oil and gas drilling. In November 2002, Trillium Asset Management, Green Century and other shareholder advocates persuaded BP to drop out of the Arctic Power lobbying group. ConocoPhillips and BP are the two largest oil drillers in Alaska, and their resignations from the Arctic Power lobbying group are a setback for efforts to open the Arctic National Wildlife Refuge to oil drilling, which Congress may consider this spring.
Trillium Asset Management joined Green Century in filing a similar resolution at ExxonMobil, asking the company to report on the risks of operating in sensitive areas such as the Arctic Refuge. ExxonMobil remains a member of the Arctic Power lobbying group.
The U.S. Public Interest Research Group (PIRG) supported the campaign to ask oil companies to withdraw from Arctic Power and pledge not to drill in the in the sensitive coastal plains of the refuge. More information is available on the website www.savethearctic.com.