The head of Salafi Arabia's state oil company warns that the
expectation that the fossil fuel industry is likely to shrink
endangers
its certitude of rushing us off the climate cliff without any
slowdown.
If oil prices go down, that encourages users to use oil rather than
switch to renewables or reduce energy use.
If oil prices go up, that encourages planet-roaster companies to build
more oil wells.
But if we put a heavy tax on use of oil, we get the best of both
possibilities: a high selling price that encourages users to use less
oil, and low income for oil companies that discourages planet-roasters
from drilling for more.
To achieve this goal, it needs to be a heavy tax — a small tax
would have a small effect. Weak measures of any kind won't achieve
the goal.