U.S. oil trade group drafts carbon tax proposal that could raise pump prices – WSJ


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The American Petroleum Institute has drafted a proposal urging Congress to pass a carbon taxAlthough some members of the largest US oil industry trade group want to delay action until after the midterm elections, fearing it will alienate Republican lawmakers, the the wall street journal reported this week.

According to a document reviewed by WSJ.

The draft says a carbon tax is “the most effective and transparent way to make meaningful progress on the twin goals of reducing greenhouse gas emissions while simultaneously ensuring continued economic growth.”

Some API members, such as European producers Shell (SHEL) and Equinor (EQNR), would like quick action, while companies like Hess (HES), Marathon Petroleum (MPC) and Phillips 66 (PSX) would believe in a delay is needed to help industry avoid a political backlash because a carbon tax has become unpopular with both conservatives and liberals.


Last month, the SEC unveiled a proposed rule that would require companies to disclose not only GHGs from their own facilities, but also emissions generated by partners and end users outside of the company’s direct control.


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