Oil companies lobby for carbon tax

Oil company leaders and other business executives are meeting virtually this week with more than a dozen Democratic and Republican senators to advocate for a carbon tax. The companies are aiming to shift the debate as Congress considers President Joe Biden's infrastructure proposal, which excludes a carbon tax.

Specifically, the companies will lobby for a carbon tax proposal developed by former Republican Secretaries of State James Baker III and the late George Shultz as part of the Climate Leadership Council that would return the revenue to households through equal quarterly payments, known as “dividends,” to offset higher energy prices.