Senator Kent Conrad (D-ND) was joined by Brad Crabtree, Policy Director of the Great Plains Institute, and NEORI participants representing Basin Electric Power Cooperative and C12, to discuss the exciting opportunity that CO2-EOR represents at an event in North Dakota.
Earlier this year, Senator Conrad and other members of Congress welcomed recommendations from NEORI to make improvements to the existing Section 45Q Tax Credit for Carbon Dioxide Sequestration that would support expanded CO2-EOR using CO2 captured from power plants and industrial sources. In early August, Senator Conrad was joined by Senators Enzi (R-WY) and Rockefeller (D-WV) in introducing an amendment on Section 45Q in the Senate Finance Committee. A press release from Senator Conrad states that the amendment would, “Improve an existing incentive to capture carbon dioxide. The proposed amendment reflects the recommendations of the NEORI for spurring new enhanced oil recovery projects. “
Crabtree remarked, “CO2-EOR and the policy recommendations made by the National Enhanced Oil Recovery Initiative offer our nation a win-win-win opportunity to increase domestic oil production, create jobs and spur investment here at home, and address important environmental concerns.”
Crabtree thanked Senator Conrad for his leadership on CO2-EOR and his recognition of the extraordinary opportunity CO2-EOR presents to: increase production of American oil; reduce our trade deficit and strengthen our nation’s national security by lessening our dependence on imported oil; create new jobs and increase investment across the country; and reduce CO2 emissions from a range of industrial sources—all at the same time.
The Great Plains Institute co-convenes NEORI with the Center for Climate and Energy Solutions (C2ES).
To read the full press release from Senator Conrad, please click here.
To learn more about NEORI’s recommendations on the Section 45Q Tax Credit for Carbon Sequestration, please click here.