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Exxon Enforces Carbon Tax on U.S. Energy Companies
July 12, 2016
Despite recent revelations about Exxon’s deceptiveness about climate change, the billion-dollar industry is now turning the tables and pushing for a carbon tax on all U.S. energy companies.
Exxon officials have met with legislatures to impose a revenue-neutral carbon tax that would put a price on each ton of carbon emitted. This step would mark a critical step in weaning the U.S. off its fossil fuel dependence and would speed the transition to climate-protective renewable energy sources.
Exxon’s initiative to push for a carbon tax makes them the first major American energy company to be aligned with European energy firms such as Royal Dutch Shell PLC and BP PLC, which advocated for a tax on carbon. Several countries have created carbon taxes, including in Ireland, Sweden and Finland.
Congress has made it evident that a carbon tax is not likely to be passed any time soon. However, sources in the energy industry believe that congressional discussion of climate measures are soon to occur, especially during this election season.