GREY:COSLF - Post by User
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bligickaon Feb 16, 2018 9:30am
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Burying carbon emissions gets boost in U.S. budget deal.....
Burying carbon emissions gets boost in U.S. budget deal..... Burying carbon emissions gets boost in U.S. budget deal
WASHINGTON (Reuters) - Oil drillers that use a method to store carbon dioxide emissions underground to boost crude production, a technique that coal miners and some environmentalists support, got a boost in the budget agreement President Donald Trump signed on Friday.
The deal raised the so-called 45Q tax credit, for storing underground emissions from crude production and coal and gas fired power plants, to $35 a metric ton, up from $10 a ton.
Occidental Petroleum Corp, Denbury Resources Inc and other oil producers with ready access to carbon dioxide have used the existing credit to keep output going even during downturns in the industry.