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Thomas Gallatin / April 15, 2021

Oil Companies Push Carbon Tax in Lieu of Biden Climate Policy

They’re essentially saying that paying a higher tax is better than any regulatory changes Team Biden dreams up.

Several oil and business CEOs plan to come together this week in a virtual meeting with the objective of pushing members of Congress to advance some form of a carbon tax. The Washington Examiner reports, “Specifically, the companies will lobby for a carbon tax proposal developed by former Republican Secretaries of State James Baker III and the late George Shultz as part of the Climate Leadership Council that would return the revenue to households through equal quarterly payments, known as ‘dividends,’ to offset higher energy prices.”

ConocoPhillips executive Matt Fox contends, “A well-designed price on carbon is the most effective way to reduce greenhouse gas emissions across the economy.” Really?

What these business leaders are seeking to do is fend off the cost of increased government regulation promised by Joe Biden’s agenda of tackling our climate “emergency.” As the Examiner notes, “Carbon tax advocates are holding out hope … that the policy can gain traction after the infrastructure debate as a way for the United States to stay competitive with global competitors that have adopted pricing mechanisms.”

The trouble is the cost of any new tax is always paid by the consumer, regardless of the supposed industry or institution the government targets for taxing. What this suggests is that these oil execs believe some form of government-levied climate “penalty” is inevitable. Furthermore, they see a carbon tax as a safer bet than any climate regulations the Biden administration dreams up.

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