Trump Eliminates So-Called Social Cost of Carbon Used for Regs

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 first day in office, Biden restored the so-called climate cost estimate to $51 per ton of carbon dioxide emissions after the first Trump administration reduced the figure to $7 or less per ton.

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