• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 3 hours Can the World Survive without Saudi Oil?
  • 16 hours Sears files Chapter 11
  • 16 hours Natural disasters and US deficit
  • 40 mins WTI @ $75.75, headed for $64 - 67
  • 13 hours China Is the Climate-Change Battleground
  • 13 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 2 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 2 days How Long Until We Have Working Nuclear Fusion Reactor?
  • 4 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 1 day Saudi A Threatens to Block UN Climate Report
  • 1 day German Voters Set to Punish Merkel’s Conservative Bloc
  • 1 day Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 9 hours $70 More Likely Than $100 - YeeeeeeHaaaaa
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