API reverses course and endorses US carbon tax

Author: Adam Button | Category: News

American Petroleum Institute endorses carbon pricing

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.

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