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Risky Climate

A Tale of Two Carbon Prices to Shape Biden’s Climate Policy

The U.S. is updating a number with the potential to push federal regulations into overdrive

Oil’s Rise Above $40 Comes as Demand Recovers, Shale Reawakens
Photographer: Luke Sharrett/Bloomberg

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Imagine a $50 price per ton of carbon dioxide this year. Exxon Mobil Corp. has. The oil giant has joined BP Plc, Royal Dutch Shell Plc and others in support of just such a price. It would rise at an annual rate of 5%, plus inflation. In exchange, these companies expect that “all current and future federal stationary source carbon regulations, for example, would be displaced or preempted,” according to the Climate Leadership Council. The group’s plan is also backed by a number of economists.