Alex Mills
Yes, it is true that the Biden administration will propose soon a tax increase on energy usage in the form of a carbon tax, and yes it is true that the integrated petroleum companies have agreed to support a carbon tax.
A week or so ago representatives of ExxonMobil, Chevron, BP, Shell and ConocoPhillips – along with the American Petroleum Institute (API) – met with Gina McCarthy, the environmental climate adviser to President Biden, and voiced their support of a plan to reduce carbon emissions.
Obviously, a carbon tax will increase the cost of energy to consumers, and increase the cost to energy producing companies. During the last session of Congress, three bills were introduced implementing a carbon tax.