• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 21 hours Could Venezuela become a net oil importer?
  • 17 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 15 mins Oil prices going Up? NO!
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
  • 21 hours Gazprom Exports to EU Hit Record
  • 23 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 21 hours Could oil demand collapse rapidly? Yup, sure could.
  • 21 hours Oil Buyers Club
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 14 hours Oil prices going down
  • 1 day EVs Could Help Coal Demand
  • 19 hours Saudi Arabia turns to solar
  • 12 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 7 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Alt Text

Oil Markets Turn Bearish Ahead Of OPEC Meeting

Oil prices fell on Tuesday…

Alt Text

Tesla’s Newest Car Will Have Rocket Thrusters

Tesla CEO Elon Musk tweeted…

Alt Text

Shale CEO: U.S. To Be The World’s Top Oil Producer By Fall

Pioneer Natural Resources chief Scott…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

ExxonMobil Backs Carbon Tax For Climate Change

ExxonMobil

ExxonMobil is one of the top targets of environmental activists, pursued because of its alleged misinformation campaign on climate change over the past few decades. It may come as a surprise to many then that ExxonMobil is actually pressing U.S. legislators to pass a carbon tax in the name of addressing climate change.

The Wall Street Journal reports that ExxonMobil has quietly been lobbying members of the U.S. Congress to implement a carbon tax, essentially viewing it as one of the least bad options to curb greenhouse gas emissions. The thinking inside the oil supermajor is that it can no longer be seen as opposed to all climate action. Complete intransigence could risk less desirable outcomes for the oil industry, such as more restrictive regulations on oil and gas production. A carbon tax is a more efficient way to deal with greenhouse gas emissions, both Exxon and independent economists argue.

“Of the policy options being considered by governments, we believe a revenue-neutral carbon tax is the best,” Suzanne McCarron, Exxon’s vice president of public and government affairs, wrote in the Dallas Morning News in May.

But the newfound assertiveness in pushing a carbon tax is likely also related to the scrutiny that ExxonMobil is under. The oil company is under investigation from several state attorneys general for its supposed role in covering up climate science and misleading the public on what it knew about climate change, a campaign that opponents say dates back decades. Related: New Drilling To Start As Oil Prices Firm Up

One other non-trivial reason to support a carbon tax is that Exxon’s natural gas business could thrive in a world that put a price on carbon. Coal-fired power plants would be shuttered at an accelerated pace, and would be replaced by renewables and natural gas. Exxon is already the largest natural gas producer in the U.S., and would be able to adapt to a carbon-constrained operating environment.

The support for a carbon tax stands in contrast to the Republican-led House of Representatives, which voted to condemn a carbon tax earlier this month.

The Wall Street Journal article comes a day after Politico reported that the American Petroleum Institute, a U.S.-based oil and gas trade group, is revamping its climate change strategy, an acknowledgement that the industry is increasingly on the back foot when it comes to the climate debate.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • jack b :-) on June 30 2016 said:
    We the sheeple.
  • chuck in st paul on July 04 2016 said:
    if they don't the DoJ will continue their multi billion dollar witch hunt against them. Most. Crooked. Government. Ever.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News