Has ExxonMobil Bought Into Climate Alarmism? — MasterResource

ExxonMobil’s new corporate position in favor of carbon taxes, reported today by the Wall Street Journal, is not entirely unexpected. It is the result of a policy drift of recent years toward compromise and appeasement with the company’s political critics.

But I doubt that ExxonMobil has bought into alarmism. Back at Enron, where I was director of public policy analysis, we didn’t necessarily buy into climate alarmism but welcomed the concern because we had seven profit centers (see pp. 3–4) that stood to benefit. ExxonMobil, the anti-Enron, has not set itself up as a rent-seeker but wants a seat at the policy table given the perceived choice between a carbon tax and carbon cap-and-trade.

It is ironic that ExxonMobil’s shift has come at a time when the case for climate alarmism is in growing trouble. Global temperatures are flat, not accelerating, as Chip Knapperberger recently blogged.