Oil companies prepare for federal carbon tax

Over a dozen of the nation's largest corporations are preparing for the federal government to pay for carbon pollution, The New York Times reports.

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In a push to mitigate climate change, the Obama administration has proposed new carbon emissions standards for power plants and might push a possible carbon tax, which has oil companies at the ready.

A report by the environmental data company CDP found roughly 29 companies, some with ties to Republicans, like ExxonMobil and Wal-Mart are including a carbon tax in their long-term financial agendas.

Supporters and opponents of the fight against global warming say the new move by these major companies might mean they are more likely to support policies aimed at curbing climate change. 

"But unlike the five big oil companies — ExxonMobil, ConocoPhillips, Chevron, BP and Shell, all major contributors to the Republican party — Koch Industries, a conglomerate that has played a major role in pushing Republicans away from action on climate change, is ramping up an already-aggressive campaign against climate policy — specifically against any tax or price on carbon," The New York Times writes.