American Petroleum Institute Backs Federal Price On Carbon, Market-Based Climate Solutions

On Thursday, the American Petroleum Institute announced it endorsed a federal price on carbon dioxide emissions that contribute to global warming.

In a statement, API said, “We will support carbon pricing mechanisms that work across the entire economy to maximize environmental benefits,” reversing a long-held position.

A spokesperson for API emphasized oil companies want “market-based solutions” such as a carbon tax or a cap-and-trade policy, rather than “heavy-handed government regulation.?

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