January 9, 2009

CONFISCATORY GAS TAXES ARE GOOD FOR THE OIL BUSINESS:

Exxon CEO Advocates Emissions Tax (RUSSELL GOLD and IAN TALLEY, 1/09/09, Wall Street Journal)

The chief executive of Exxon Mobil Corp. for the first time called on Congress to enact a tax on greenhouse-gas emissions in order to fight global warming.

In a speech in Washington, Rex Tillerson said that a tax was a "more direct, a more transparent and a more effective approach" to curtailing greenhouse gases than other plans popular in Congress and with the incoming Obama administration.

"My greatest concern is that policy makers will attempt to mandate or ordain solutions that are doomed to fail," Mr. Tillerson said. [...]

Observers say Mr. Tillerson's endorsement of a carbon tax could have widespread ramifications. "When the biggest company in the world says this is OK, that is giving permission for a whole lot of people who have resisted carbon policy on the grounds it is bad for business to soften their resistance," says Michael Webber, associate director of the University of Texas Center for International Energy and Environmental Policy.


High taxes will limit OPEC ability to raise prices.

Posted by Orrin Judd at January 9, 2009 12:42 PM
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