Adjusting carbon emissions from the oil and gas industry will allow the United States to meet its climate goals more quickly, argues a recent paper by an oil industry veteran published in Hill.
More than 80% of US carbon-dioxide (CO2) emissions come from the burning of oil and natural gas, and 1.4 billion tons of emissions come from the production and use of fossil fuels produced. by the two largest US-based companies, Chevron and ExxonMobil, wrote Hugh Helferty, who previously led the research and engineering organizations at ExxonMobil.
However, current regulations focus on car manufacturers, set fuel economy goals and fines car manufacturers not comply with those goals. But CO2 emissions are the product of fuel combustion – fuel supplied and activated by the oil industry.
Helferty proposes fines for oil and gas companies that fail to sequester a carbon equivalent to their emissions. That would offset emissions from the industry itself, known as a “net-zero” solution. That rule could be changed over time, he added, perhaps targeting net zero carbon emissions by 2050.
Jack Colker Union 96 gas station in Beverly Hills, via oobject.com
Several possible methods already exist, such as capturing and storing carbon, growing trees or sequestering carbon in products like plastic or cement, Helferty noted. That could also lead to higher fossil fuel prices, but that would make the alternatives more attractive to consumers.
The idea of regulating the oil industry — specifically with a Tax on burning fuel—Not new. The oil industry has long opposed a carbon tax, and has managed to suffocate it before.
However, some of the biggest oil companies seem to be acknowledging that the global economy is powered by fossil fuels. won’t last forever. Shell and BP both have pledge to achieve net zero emissions by 2050 and has already begun investing in EV charging infrastructure.
Are these oil giants just trying to green their image, or are they bracing for a carbon tax or other form of regulation, and hoping to increase emissions credits to continue producing? oil export? It’s likely these giants will continue to refine their messaging in 2022 — and perhaps, reveal more of the intentions behind this change.
