The Trump administration just took a climate program designed to reduce emissions — and twisted it into a tool for Big Oil to squeeze more profit from our planet.
Here’s what happened: A key federal tax credit was originally created to fight climate change by rewarding companies that captured carbon dioxide and stored it deep underground, locking it away for hundreds of years.
But under Trump? That same tax credit was rewritten so oil companies could use captured carbon for “enhanced oil recovery” — a process that forces more crude out of aging oil wells.
So instead of reducing emissions, the program now helps them pull even more fossil fuels from the earth. And the reconciliation bill passed last month increased the value of these tax credits, handing Big Oil companies another massive windfall.
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