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The American Petroleum Institute has drafted a proposal urging Congress to undertake a carbon tax, though some members of the largest U.S. oil trade commerce group wish to delay motion till after the midterm elections, fearing it might alienate Republican lawmakers, the Wall Avenue Journal reported this week.
The API proposal requires assessing gasoline wholesalers, energy crops and others a tax beginning at $35-$50/ton for carbon dioxide generated by the fossil gas they promote or use, with changes for inflation and different components, in keeping with a doc reviewed by WSJ.
The draft says a carbon tax is “probably the most impactful and clear technique to obtain significant progress on the twin objectives of decreasing greenhouse gasoline emissions whereas concurrently guaranteeing continued financial development.”
Some API members, reminiscent of European-based producers Shell (SHEL) and Equinor (EQNR), reportedly need quick motion, whereas firms together with Hess (HES), Marathon Petroleum (MPC) and Phillips 66 (PSX) are mentioned to imagine a delay is required to assist the trade keep away from political blowback as a result of a carbon tax has turn into unpopular amongst each conservatives and liberals.
ETFs: (NYSEARCA:XLE), (XOP), (VDE), (OIH), (DRIP), (CRAK)
Final month, the SEC unveiled a draft rule that will require firms to reveal GHGs not simply from their very own services but in addition the emissions generated by companions and end-users exterior the corporate’s direct management.
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