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In shift, oil industry group backs federal price on carbon

March 26, 2021 11:58 am
[Source: The Associated Press]

The oil and gas industry’s top lobbying group on Thursday endorsed a federal price on carbon dioxide emissions that contribute to global warming.

This is a reversal of longstanding policy that comes as the Biden administration has pledged dramatic steps to address climate change.

The American Petroleum Institute, whose members include ExxonMobil, Chevron and other oil giants, announced the shift ahead of a virtual forum Thursday by the Interior Department as it launches a months-long review of the government’s oil and gas sales.

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API also called for fast-tracking commercial deployment of long-sought technology to capture and store carbon emissions, as well as federal regulation of methane emissions from new and existing oil and gas wells, after strongly resisting such regulations proposed by the Obama administration.

The reversal comes as President Joe Biden has made tackling climate change a top priority, moving in his first days in office to suspend oil and gas lease sales from federal lands and waters and cancelling the contentious Keystone XL oil sands pipeline from Canada.

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