The American Petroleum Institute, which represents all segments of America’s natural gas and oil industry, came out in support of a market-based carbon tax this week. This is the trade association’s boldest statement yet in favor of carbon pricing.

API says the price would need to apply to all emitting industries and the scheme needs to tackle climate change, not use the tax as a pay for for other federal government programs.

In the spring of this year, API announced support for carbon pricing generally.