The carbon capture pipeline is the result of the latest gift to rent-seeking "Titans of industry" and interestingly, may be used on some existing projects that came to be, years ago, due to rent seeking.
A carbon capture pipeline is just one example of how policy is used to generate projects that hope to reduce greenhouse gases.
What is a carbon capture pipeline? Simply put, it's a series of pipes and other equipment that are plugged into facilities that emit greenhouse gases, which are then sequestered deep within the Earth.
In this case, I'm referring to the Summit Carbon Solutions five-state pipeline in the Midwestern US. The pipeline will be connected to more than thirty corn ethanol biofuel plants, ultimately transporting carbon dioxide and other gases to North Dakota for burial deep underground.
It's worth discussing the dismal history of carbon capture projects.
The Petra Nova project in Texas managed to survive a mere three years amid technical and financial problems, while never achieving the carbon capture targets laid out at the beginning.
Why the interest, including the use of armed guards to keep the surveying projects moving forward, in this new carbon capture pipeline? The revised Section 45Q tax credit policy, which recently went into effect, provides enhanced incentives for these types of carbon-reducing projects.
https://mises.org/wire/carbon-capture-pipeline-latest-bridge-nowhere
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