"How Oil Companies Could Tap The Climate Law To Pump More Crude" [1]
"A tax credit for enhanced oil recovery aims to boost permanent storage of planet-warming CO2. Will it?"
"President Joe Biden’s landmark climate law could help the fossil fuel industry pump more oil out of existing wells.
A boosted tax credit for enhanced oil recovery, or EOR, aims to encourage oil companies to store more planet-warming carbon underground. But knowing how much carbon dioxide is sequestered in EOR is far from a firm science — and a lack of cohesive federal oversight of the so-called 45Q tax credit has created the potential for abuse.
“There’s a lot of money from the [Inflation Reduction Act], and a lot of concerns that taxpayer money is going out the door to industry that hasn’t proven EOR to be an efficient climate solution,” said Autumn Hanna, vice president of Taxpayers for Common Sense."