Big Oil outspends billionaires in Washington state carbon tax fight
(Reuters) - The U.S. oil industry has spent a record $30 million to fight a ballot measure in Washington state that would create the nations first carbon tax, double what an alliance of green groups and billionaire activists has spent to support it, according to state data reviewed by Reuters.
The big-ticket battle reflects the stakes of climate regulation. The oil industry is worried that new curbs on carbon emissions will hobble business, while environmental advocates are concerned that a failure to act soon to halt global warming will spell devastating consequences for the planet.
Washington is the nations fifth biggest fuel-producing state, with five refineries, according to the Energy Information Administration. It is also among several Democrat-led states that have vowed to pursue climate action in defiance of President Donald Trumps agenda to ease regulation on fossil fuel companies.
The states Carbon Emissions Fee and Revenue Allocation Initiative, known as Initiative 1631, would impose a $15 fee on each metric ton of carbon released to the atmosphere, rising $2 a year until the states 2035 emissions target is met. It would generate $2.3 billion over five years for clean energy and air programs if it is passed by voters in next weeks election, according to a state analysis.
https://www.reuters.com/article/us-usa-election-carbon/big-oil-outspends-billionaires-in-washington-state-carbon-tax-fight-idUSKCN1N51H7?fbclid=IwAR2HxKtsXjzN6ZCy0F9ZXvSixA12ABmoUAIWTfcFxcO4EhanMrP6QOTvK3M