Feb 28, 2018

Congress Reauthorizes Tax Credit For Buried Carbon Dioxide

Carbon Dioxide Emissions

In a bill signed into law on February 9, Congress expanded a tax incentive program responsible for more than a billion dollars in tax credits awarded to oil companies for burying carbon dioxide underground.  Both environmental and industry groups support the move which encourages emitters of carbon dioxide, such as power plants, ethanol factories, steel mills, and refineries, to capture their CO2 emissions and bury them underground for storage, or pump them underground to help oil companies extract more crude from aging reservoirs.  The credit allowed for captured carbon dioxide was worth as much as $20 per ton and was… Read more