Top U.S. oil trade group drafts carbon tax proposal that could hike pump prices – WSJ
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The American Petroleum Institute has drafted a proposal urging Congress to adopt a carbon tax, whilst some customers of the biggest U.S. oil business trade group want to hold off action right until following the midterm elections, fearing it could alienate Republican lawmakers, the Wall Road Journal noted this 7 days.
The API proposal phone calls for evaluating gasoline wholesalers, electricity plants and others a tax starting at $35-$50/ton for carbon dioxide produced by the fossil gas they sell or use, with adjustments for inflation and other factors, according to a document reviewed by WSJ.
The draft states a carbon tax is “the most impactful and transparent way to obtain meaningful progress on the twin ambitions of cutting down greenhouse fuel emissions when concurrently making sure ongoing financial expansion.”
Some API customers, these kinds of as European-based mostly producers Shell (SHEL) and Equinor (EQNR), reportedly want speedy motion, while firms like Hess (HES), Marathon Petroleum (MPC) and Phillips 66 (PSX) are claimed to imagine a hold off is necessary to aid the industry avoid political blowback for the reason that a carbon tax has come to be unpopular amid both of those conservatives and liberals.
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Past thirty day period, the SEC unveiled a draft rule that would need corporations to disclose GHGs not just from their own facilities but also the emissions produced by partners and end-end users outdoors the firm’s direct command.