The world’s on the verge of a carbon storage boom

Pump jacks and pipelines clutter the Elk Hills oil field of California, a scrubby stretch of land in the southern Central Valley that rests above one of the nation’s richest deposits of fossil fuels. Oil production has been steadily declining in the state for decades, as tech jobs have boomed and legislators have enacted rigorous environmental and climate rules. Companies, towns, and residents across Kern County, where the poverty rate hovers around 18%, have grown increasingly desperate for new economic opportunities. In late 2023, one of the state’s largest oil and gas producers secured draft permits from the US Environmental Protection Agency to develop a new type of well in the oil field, which it asserts would provide just that. If the company gets final approval from regulators, it intends to drill a series of boreholes down to a sprawling sedimentary formation roughly 6,000 feet below the surface, where it will inject tens of millions of metric tons of carbon dioxide to store it away forever. Hundreds of similar projects are looming across the state, the US, and the world. Proponents hope it’s the start of a sort of oil boom in reverse, kick-starting a process through which the world will eventually bury more greenhouse gas than it adds to the atmosphere. But opponents insist these efforts will prolong the life of fossil-fuel plants, allow air and water pollution to continue, and create new health and environmental risks that could disproportionately harm disadvantaged communities surrounding the projects, including those near the Elk Hills oil field. This story was written by senior climate and energy editor James Temple and narrated by Noa - newsoveraudio.com.