Big Oil to Benefit From Biden’s Carbon Capture Tax Credits: ReportCommon DreamsMedia Coverage | Sep 18, 2024

“Our report clearly lays out the way carbon capture tax credits rig the system in favor of the oil and gas industry to the tune of billions of dollars,” one expert said.

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By Olivia Rosane

The Petra Nova Carbon Capture Project is seen on December 20, 2016 in Houston, Texas. (Photo: Marie D. De Jesus/Houston Chronicle via Getty Images)

From the article:

A report released Wednesday by worker-owned corporate accountability and environmental justice research organization Empower found that just 34 carbon capture and storage (CCS) projects in Texas could receive between $3.2 billion and $33 billion in annual tax subsides.

At the same time, most of the carbon dioxide pipelines in the state are managed by the major oil and gas companies like Kinder Morgan, Occidental Petroleum, and ExxonMobil that played a disproportionate role in creating the climate crisis in the first place.

“Carbon capture and storage is the most expensive and least effective carbon mitigation solution. It’s really not where we need to be investing our money,” said Paige Powell, the policy manager at Commission Shift, at a press briefing announcing the new research. “And the public dollars coming from the federal government to fossil fuel companies are our dollars, our taxpayer dollars that could be better spent elsewhere.”

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