Exxon wasn't the only oil company that knew but was also doing it's own research, on climate change. They were all members of an industry group called the American Petroleum Institute (API) that went about investigating climate change in the late '70's.
In 1979 API released a background report to the industry showing that there was indeed increased carbon in the atmosphere and gave a prediction of when the first impacts of global warming might be felt. At this point they appeared to be acting in the interests of the planet.
However as Reaganomics took over and making $bazillions for the wealthy became the thing, oil industry policy changed dramatically. By 1990 the industry was actively opposing climate research and global warming as being unproven, giving the companies and the world 20 years of climate change denial, and the pockets of oil companies lined with gold.
Now as more revelations about the behaviour of the oil companies during this time continues to come out, the comparisons with Big Tobacco are getting clearer and clearer. The door opens ever wider for those affected by climate change to sue the oil companies for what they've done.
A background paper on CO2 informed API members in 1979 that carbon dioxide in the atmosphere was rising steadily, and it predicted when the first clear effects of climate change might be felt, according to a memo by an Exxon task force representative.
In addition, API task force members appeared open to the idea that the oil industry might have to shoulder some responsibility for reducing CO2 emissions by changing refining processes and developing fuels that emitted less carbon dioxide.
Bruce S. Bailey of Texaco offered "for consideration" the idea that "an overall goal of the Task Force should be to help develop ground rules for energy release of fuels and the cleanup of fuels as they relate to CO2 creation," according to the minutes of a meeting on Feb. 29, 1980.
The minutes also show that the task force discussed a "potential area" for research and development that called for it to "'Investigate the Market Penetration Requirements of Introducing a New Energy Source into World Wide Use.' This would include the technical implications of energy source changeover, research timing and requirements."
Yet by the 1990s, it was clear that API had opted for a markedly different approach to the threat of climate change. It joined Exxon, other fossil fuel companies and major manufacturers in the Global Climate Coalition (GCC), a lobbying group whose objective was to derail international efforts to curb heat-trapping emissions. In 1998, a year after the Kyoto Protocol was adopted by countries to cut fossil fuel emissions, API crafted a campaign to convince the American public and lawmakers that climate science was too tenuous for the United States to ratify the treaty. Inside Climate News
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