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

“I think it’s a huge problem,” said Lorne Stockman, research co-director of the advocacy group Oil Change International. “The oil and gas industry has done a very good job of co-opting our climate and clean energy policy.”For over a decade, the U.S. government has been quietly funding the capture of CO2 that is ultimately used to drill more oil.

Most of the CO2 that companies now use for enhanced oil recovery comes from geologic sources, where they dig it up before injecting it into their wells. Some experts 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.

There is evidence that this practice might be on the way out — in part because firms can now make more money by burying it.of carbon-capture projects, and Longstreth points out that many of those upcoming projects aren’t planning to use the CO2 for enhanced oil recovery. Because companies now get $25 more per ton to bury the CO2 permanently, Longstreth says, there isn’t as much incentive to use it to drill oil.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Chevron to buy Hess as the biggest US oil companies get even biggerThe Chevron-Hess deal comes less than two weeks after Exxon Mobil said it would acquire Pioneer Natural Resources for about $60 billion.
Источник: PennLive - 🏆 463. / 53 Прочитайте больше »

Chevron buys Hess for $53 billion as the biggest US oil companies get even biggerOur '13 to the Rescue' Pets of the Week are up for adoption at Indianapolis Animal Care Services.
Источник: WTHRcom - 🏆 329. / 59 Прочитайте больше »

Chevron buys Hess for $53 billion as the biggest US oil companies get even biggerTwo groups hosted protests in Dallas on Sunday to make their voices heard on the deadly war between Israel and Hamas.
Источник: wfaa - 🏆 543. / 51 Прочитайте больше »

Chevron buys Hess for $53 billion as the biggest US oil companies get even biggerFOX43 spoke to Harrisburg resident Nabila Taha about Sunday's rally at the state Capitol and ongoing support for Palestinians. See the full interview here.
Источник: fox43 - 🏆 564. / 51 Прочитайте больше »