Published: August 12, 2008
"Energy costs are a top concern of Business Roundtable member CEOs, and we agree with President Bush that while today's energy challenges are not insurmountable, there are no quick fixes. Long-term progress requires balanced and integrated approaches that take advantage of all promising energy improvement possibilities.
"With the expansion of worldwide growth, there will continue to be greater demand for energy, more pressure on supply, and further need to address climate change. As a result, the need for coordinated cooperation amongst developed and developing countries is paramount.
"To ensure sustained prosperity for America's citizens, communities and companies, we must: aggressively pursue more domestic oil and gas production; renew our commitment to conservation and energy efficiency; continue to support renewables, the fuels of the future; and develop the technologies needed to address the climate challenge.
"We look forward to continuing our work with the president and Congress to address our most pressing energy needs in an environmentally and economically sustainable manner," said Harold McGraw III, chairman of Business Roundtable and chairman, president and CEO of The McGraw-Hill Companies. For more information on Business Roundtable's position on expanding domestic energy supply, please click here to view its energy report, More Diverse, More Domestic, More Efficient.
Business Roundtable is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 12 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and pay more than 60 percent of all corporate income taxes paid to the federal government. Annually, they pay more than $167 billion in dividends to shareholders and the economy.
Business Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with more than $111 billion in annual research and development spending – nearly half of all total private R&D spending in the U.S.