Pump jacks in the Permian Basin in Midland, Texas. PHOTO: MATTHEW BUSCH/BLOOMBERG NEWS
By Ted Mann Wall Street Journal and Timothy Puko March 1, 2021 6:18 pm ET
WASHINGTON—The oil industry’s top lobbying group is preparing to endorse setting a price on carbon emissions in what would be the strongest signal yet that oil and gas producers are ready to accept government efforts to confront climate change.
The American Petroleum Institute, one of the most powerful trade associations in Washington, is poised to embrace putting a price on carbon emissions as a policy that would “lead to the most economic paths to achieve the ambitions of the Paris Agreement,” according to a draft statement reviewed by The Wall Street Journal.
“API supports economy-wide carbon pricing as the primary government climate policy instrument to reduce CO2 emissions while helping keep energy affordable, instead of mandates or prescriptive regulatory action,” the draft statement says.