Lawmakers float $10M 'stimulus' for enhanced oil recovery in Wyoming
The stimulus is intended to 'equalize' a federal tax incentive that rewards permanent CO2 storage over carbon dioxide used to produce oil
February 8, 2024
A measure that would provide a $10 million "stimulus" to encourage more carbon capture for use in the oil industry will advance to the upcoming legislative session following a special hearing this week by the Joint Minerals, Business and Economic Development Committee. The stimulus, according to committee members, aims to enhance a federal tax credit program that they say favors direct storage of the greenhouse gas over pumping it into oilfields to produce hard-to-get reserves.
"The intent of this bill is simply to level that playing field so that that [oil] producer is in the same position...