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You short BP yet?

As Obama grapples with the BP Plc oil spill in the Gulf of Mexico, he is also pushing Congress to pass a new law that would fight climate change and ramp up production of renewable fuels.

The bill faces an uncertain future in the Senate because lawmakers in oil and coal states oppose it. Senate leader Harry Reid wants a bill moved to the Senate floor in coming weeks but time is growing short as lawmakers turn their attention to congressional elections in November.

The business group was not endorsing any specific energy legislation, but wants the government to eventually put a price on emitting greenhouse gases and create an independent national board to coordinate energy strategy.

"The status quo is a losing hand," GE's Immelt said about the lack of a U.S. energy plan. He said China and other countries will be glad to lead on clean energy if the United States does not.