API reverses course and endorses US carbon tax
American Petroleum Institute endorses carbon pricing
The trade group for the oil and gas industry did something unthinkable a decade ago and endorsed a national carbon pricing scheme.
The move came in a meeting with Biden's team on Monday and appears to be a scheme to trade a carbon tax in order to maintain the current slate of light regulations that's allowed US companies to flare and vent methane at far-too-high rates.
In the last carbon pricing debate a decade ago, the API was dead against a carbon tax.
"The world has changed since Congress has had this debate," said API President and CEO Mike Sommers.
CNBC has more.