[Editor note: Part I in this series reviewed the praise for BP and Enron from the Worldwatch Institute. Part II delved into the reasons that BP tried to rebrand itself as “beyond petroleum.”]

“Such [progressive] leadership [on climate change] may give BP Amoco better access to government-controlled oil deposits and more operating flexibility.”

– Kimberly O’Neill Packard and Forest Reinhardt, “What Every Executive Needs to Know About Global Warming,” Harvard Business Review, July/August 2000.

The Worldwatch Institute sang the praises of BP’s it’s-a-problem, we-can-solve-it approach to climate change. Far Left environmentalist Joe Romm featured John Browne/BP in his book Cool Companies as a leading example of corporations going green for profits and virtue.

Both Worldwatch and Romm were wrong–dead wrong–about BP, just as they were also wrong about climate-alarmist Enron and Ken Lay.…

MasterResource, a free-market energy blog, continues to attract new talent and a growing audience. We have had approximately 45 authors to date, and our cumulative views have exceeded one-half million.

We are not a mega-blog, but we are an important addition to the energy literature that will, like a good book, be accessed and referenced for years to come.

At Technorati, MasterResource has consistently been in the top 25 (out of 1,550) “green” blogs and has reached as high as #7. But more importantly, serious students of energy policy are regulars at our site, reading our once-a-day, in-depth post or tracking down material on what Enron/Ken Lay really did, what Jim Hansen or John Holdren really said, or what BP was doing under John Browne. We preserve the excesses of the smartest-guys-in-the-energy-room for posterity.…

Reprinted below is a letter-to-the-editor that I wrote to The Electricity Journal in response to an essay by Michael Shepard, “Turning the Climate Challenge into Business Opportunity” (The Electricity Journal, 1999, vol. 12, issue 10, pages 82-84).

The test of scholarship is how one’s arguments hold up over time. The state of knowledge changes as new evidence accumulates, so it is important to keep past work in the context of the year it was written (1999).

But what do we know now versus then? And how do you think this rebuttal reads 11 years later? (One data point: Robert Mendelsohn of Yale still believes in the conclusions of his work that I reference below as he communicated to me by email.)

Dear Editors:

Michael Shepard guest editorial, “Turning the Climate Challenge into Business Opportunity,” is premised on such statements as “the climate problem is real” and “the imperative [is] to stabilize the atmosphere’s loading of greenhouse gases.”

“In [Atlas Shrugged], I glorify the real kind of productive, free-enterprise businessman in a way he has never been glorified before…. But I make mincemeat out of the kind of businessman who calls himself a ‘middle-of-the-roader’ and talks about a ‘mixed economy’—the kind that runs to government for assistance, subsidies, legislation and regulation.”

– Ayn Rand (1949) (1)

As the public face of capitalism, business leaders are well positioned to explain the logic of free markets from a moral and economic viewpoint—and to demonstrate by example the non-coercive nature of trade by eschewing the political exploitation of consumers, taxpayers, and rivals.

The words and deeds of corporate executives are quite different, however. Rand was very disappointed in what she saw–and she would be more disappointed today, particularly in the energy industry.…