Climate Change and the Oil Patch
Is it just me or is there something perverse about this?
Congressional proposals to limit carbon dioxide and encourage technology to capture greenhouse gases could be a boon for both the environment and domestic oil producers, energy analysts said Wednesday.
House-passed climate change legislation would put new limits on carbon dioxide emissions nationwide, making it financially attractive to capture the gas. Senators are considering adding proposals to promote the rapid deployment of carbon capture and storage technology.
Captured CO2 could then be used to glean residual oil from developed reservoirs nationwide and potentially boost U.S. oil production as much as 3.6 million barrels daily, according to a report released Wednesday by the energy research firm Advanced Resources International.
I’m not staking out a position for or against. But you gotta wonder: Can we really ratchet down greenhouse gas emissions by increasing fossil fuel production?