WASHINGTON - The oil and gas industry’s top lobbying group, the American Petroleum Institute, whose members include ExxonMobil, Chevron and other oil giants, announced a position shift ahead of a virtual forum April 2 by the Interior Department as it launches a review of the federal government’s O&G sales. On March 25, API endorsed a federal price on carbon dioxide emissions that contribute to global warming - a reversal of long-standing industry policy. API also called for fast-tracking commercial deployment of technology to capture and store carbon emissions; advancement of hydrogen technology; and federal regulation of methane emissions from new and existing O&G wells. The industry also pledged to reduce flaring at drilling sites that has released vast quantities of methane gas after resisting regulations on methane proposed by the Obama administration. API President and CEO Mike Sommers said in a statement. API President/CEO Mike Sommers emphasized that the industry seeks “market based” solutions, such as a carbon tax or a cap-and-trade policy, rather than “heavy-handed government regulation.’’ (Source: The AP 03/26/21) In shift, oil industry group backs federal price on carbon | Business | djournal.com
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