Larry Summers, former U.S. treasury secretary under President Barack Obama, recently was interviewed for a Harvard Institute of Politics forum at the Boston...
Additionally, Europe has jeopardized its economic future and national security through an over-reliance on renewables and a reliance on powers such as Russia for natural gas imports. While environmental improvement is a noble goal and practical imperative, following in the energy footsteps of Europe will have dire consequences for the United States, which has vast deposits of hydrocarbons.
Fortunately, preserving our environment and our economic and national security is not an “either or” choice as some would have you believe. Through investment in carbon capture technologies, which would help create a cleaner environment, we can assist the fossil fuel industry in improving the environment and creating new economic opportunities. Through the process of carbon capture utilization and storage, CO2 is captured and compressed into a concentrated stream.
Energy companies can continue to operate while expanding into more sectors of the economy. Additionally, this would create a new market for landowners, mineral owners and the agricultural industry who would be able to offer their considerable acreage to store carbon in exchange for a fee. The elimination of fossil fuels is not feasible or realistic. The Texas energy industry, which is a major part of ensuring American energy independence, must be maintained. And just as we have always done when it comes to energy, the Lone Star State must lead the way.
Investment in carbon capture is expensive. That is why the state of Texas should authorize economic incentives such as tax credits or property tax reductions that support carbon capture projects. What’s more, recent
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