As Chris reported earlier — now joined by Fox News:

The sudden pullout of three corporate giants from a leading alliance of businesses and environmental groups could be the death knell for climate change legislation languishing on Capitol Hill.
ConocoPhillips, BP America and Caterpillar’s announced Tuesday they will pull out of the U.S. Climate Action Partnership, citing complaints that the bills now in Congress are unfair to American industry.
BP spokesman Ronnie Chappell said Tuesday’s announcements are not a statement on the likelihood that climate change legislation will fail.
“I would never speculate as to what would happen with a pending piece of legislation,” Chappell said.
But he said the bills on the table no longer “conform” with what USCAP envisioned for a climate change bill. He said the legislation — including one bill that passed the House but is stalled in the Senate — does not provide adequate protections to U.S. refineries.
If any bills are passed, they will result in more oil imports, the closure of U.S. refineries and the loss of U.S. jobs. Plus he said it’s too hard on the transportation sector.
“We do not believe that the bills now pending in Congress conform to the USCAP blueprint, in that a disproportionate share of the emissions reductions and disproportionate share of the cost fall on the transportation sector and on transportation consumers and motorists,” he said.
Both BP America and Caterpillar were founding members of the group.

Jim Owens, the CEO of Caterpillar, is still listed on President Obama’s Economic Recovery Advisory Board — for now.