October 17, 2021

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Senior Democrats’ push for powerful climate tool collides with political realities – The Washington Post

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Unlike most of Democrats’ current climate policies, a carbon tax would make fossil fuels more expensive, by increasing the price of gasoline at the pump and electricity bills wherever utilities still rely on coal and natural gas. But at $15 a ton, the change would be modest, approximately 14 cents a gallon. Economists want higher prices; Nobel Prize winner William Nordhaus, a Yale economics professor who served on President Jimmy Carter’s Council of Economic Advisers, said in a recent interview that he would seek a carbon price of $100 a ton. In March, the American Petroleum Institute said it supported a carbon tax, though it did not say how big.

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