The big news yesterday was that three companies—BP, ConocoPhillips, and Caterpillar—were pulling out of the U.S. Climate Action Partnership, a coalition of green groups and businesses that has been pushing for cap-and-trade. The two oil companies, BP and ConocoPhillips, had complained that the House climate bill put a disproportionate burden on transportation fuels and refiners.

In recent weeks, Obama has been talking about the need to pare back subsidies and tax breaks for the oil industry—both here and abroad. That's fine, though as I've noted, many biofuels subsides deserve at least as much scrutiny, if not more. Fortunately, that sentiment seems to be spreading: The GAO just released a report on U.S.