By Daniel Whitten, Sept 23
The chief executives of Caterpillar Inc. and FedEx Corp. said they prefer a tax on carbon dioxide emissions and criticized the cap-and-trade measure being debated in Congress.
The legislation approved by the House in June gives certain industries free pollution permits that would distort the market, said Fred Smith, CEO of FedEx, the package-shipping company based in Memphis, Tennessee.
“We very much believe that a straightforward graduated tax on carbon is better than the cap-and-trade,” Smith said in Washington today. He was among a group of executives who participated in an energy conference.