Companies capture a lot of CO2. Most of it is going into new oil.

FILE - The sun shines through the clouds as it begins to set behind a pumpjack, March 30, 2022, outside of Goldsmith, Texas. United States domestic oil production has hit an all-time high, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. “I think it’s a huge problem,” said Lorne Stockman, research co-director of the advocacy group Oil Change International.

Climate and energy experts have said for years that the world will need some amount of carbon capture to zero out carbon emissions. The International Energy Agency estimates that the world will need to be able to capture 1.2 billion tons of CO2 per year by 2050; today, the world’s total carbon capture amounts to just 4 percent of that goal.

Benjamin Longstreth, the global director of carbon capture for the Clean Air Task Force, says that as long as captured CO2 isn’t creating more oil production, then using captured CO2 doesn’t change much for the climate. “In both cases, the same quantity of is happening,” he said. “And the same quantity of CO2 is going into the Earth.”

The government offers more cash for companies that pull CO2 directly from the air - rather than a power plant or natural gas processing - and put it into enhanced oil recovery. Companies pulling CO2 from the air get up to $130 if that CO2 goes into more oil, or up to $180 if it goes into permanent storage.

Burns and others think it’s strange that the U.S. government - which has promised to reach net-zero carbon emissions by 2050 - is boosting oil production. The current largest carbon-capture facility in the nation is owned by ExxonMobil and has the capacity to capture 7 million tons of CO2 per year. Most of its carbon dioxide is sold for enhanced oil recovery.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Companies capture a lot of CO2. Most of it is going into new oil.The government is still funding the controversial practice of “enhanced oil recovery.”
Source: washingtonpost - 🏆 95. / 72 Read more »

Cramer says to invest in defense companies as the U.S. looks to rebuild weapons stockpileCNBC’s Jim Cramer on Tuesday recommended defense stocks as the U.S. empties its arsenals to aid allies Israel and Ukraine.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »

Stocks Gain After Major Companies Beat Wall Street ExpectationsCoca-Cola, General Electric and 3M boosted their outlooks, aiding S&P 500
Source: WSJ - 🏆 98. / 63 Read more »

Only 2 major car companies haven't joined Tesla's charging tech yetVolkswagen and Stellantis, two of the world's largest automakers, find themselves at an interesting turning point.
Source: therealautoblog - 🏆 528. / 51 Read more »