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Illustration: Rebecca Zisser / Axios

Technology that captures carbon dioxide emissions needs way more subsidies — reaching well into the billions of dollars — to thrive, according to a new oil industry report.

Driving the news: The report by the National Petroleum Council, an advisory committee to the Energy Department representing all aspects of the oil and gas sector, recommends putting $15 billion into research and more than doubling an existing subsidy.

The big picture: Carbon capture technology, which can be installed in power plants and other emitting facilities, is considered essential to cutting emissions given the world remains heavily dependent upon oil, natural gas and coal. It’s expensive, but technically feasible.

By the numbers:

  • The report says the Energy Department should put $1.5 billion a year — or $15 billion over a decade — into research and development funding. That represents a threefold increase over current funding, according to the authors of the report.
  • An existing tax credit gives companies between $35 and $50 per ton of carbon dioxide captured; the report recommends increasing incentives to $110. These are effective prices on carbon, just narrowly tailored to a specific technology.

Between the lines: It comes as quite a surprise that essentially the entire oil industry — via this below-the-radar committee — is telling Washington they want a price on carbon of $110.

But, but, but: Much of this would need congressional support, and although funding for energy innovation has increased in recent years, it’s unlikely Congress would approve such a huge increase in spending — especially without a bigger package of other climate-change related policies.

Go deeper: The Houston Chronicle has more on the study.

Go deeper

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.