The American Petroleum Institute is considering throwing its weight behind a government-imposed price on carbon dioxide emissions as a way to slow global warming, a major policy shift by the oil industry’s top trade group.

The U.S. petroleum industry is meeting record world demand while decreasing the amount of carbon emissions released into the skies, but challenges lie ahead if it hopes to maintain that momentum, according to the American Petroleum Institute’s annual report, “State of American Energy 2019.”