ExxonMobil Proposes $100 Billion U.S. Carbon Capture and Storage Project

According to a report by Politico on Monday, ExxonMobil (NYSE: XOM) wants to build a massive carbon capture and storage (CCS) project to sop up some of the industry's emissions. The $100 billion investment would capture the carbon emissions of refineries and petrochemical plants along the Houston Ship Channel, a key oil industry hub, and permanently store them underground. The initial phase, which Exxon could complete by 2030, would capture 50 million tons of carbon dioxide per year, the company says, roughly the equivalent of removing 11 million cars from the road.