Oil and gas producers would benefit from a bill drafted in the U.S. Senate where they would get a tax credit to capture carbon emissions and bury them underground.
The Senate Finance Committee’s proposal would amount to a tax credit of $85 per ton, not the $60 per metric ton as approved in the House of Representatives’ version of the bill. The proposed 45Q tax credit increase is part of the committee’s draft bill that is considered a key part of the Republican budget package.
Wyoming Sen. John Barrasso and other oil producing states’ senators including North Dakota and Louisiana, supported the idea of putting EOR or Enhanced Oil Recovery projects on par with carbon sequestration.
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