Fed Judge Overturns Biden Order to Use Global CO2 Cost Estimates

In his first two days in office, Joe Biden declared war on the oil and gas industry. One of the first things he did was to revive an interagency working group on the “social cost” of greenhouse gas emissions and directed the issuance of an “interim” cost (see What Biden’s First Two Days on the Job Mean for the O&G Industry). The social cost of carbon dioxide emissions is a metric that regulators use to assess the monetary impact of emissions increases. On his very first day in office, Biden restored the so-called climate cost estimate to about $51 per ton of carbon dioxide emissions after the Trump administration had reduced the figure to about $7 or less per ton. Last Friday a federal judge overturned Biden's global climate cost estimate.

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