By [email protected] ExxonMobil is joining its peers Royal Dutch Shell, BP and Total in backing a U.S. carbon-tax-and-dividend plan put forward by former Republican leaders.
The plan is to charge $40 per ton of carbon dioxide emitted (about $0.36 per gallon of gasoline) and return that money to taxpayers as a monthly dividend. The carbon penalty will rise over time, squeezing demand for fossil fuels.
While the plan is backed by old-guard conservatives, the Trump administration isn’t likely to budge on pricing carbon.
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