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

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 32,870,631 — Total deaths: 994,534 — Total recoveries: 22,749,163Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 7,079,689 — Total deaths: 204,499 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

How the Supreme Court could decide the election

Illustration: Sarah Grillo/Axios

The Supreme Court isn't just one of the most pressing issues in the presidential race — the justices may also have to decide parts of the election itself.

Why it matters: Important election-related lawsuits are already making their way to the court. And close results in swing states, with disputes over absentee ballots, set up the potential for another Bush v. Gore scenario, election experts say.

Graham hopes his panel will approve Amy Coney Barrett by late October

Sen. Lindsey Graham during a Senate Judiciary Committee hearing on Sept. 24, 2020 in Washington, DC. Photo: Win McNamee/Getty Images

Senate Judiciary Committee Chair Lindsey Graham (R-S.C.) told Fox News Saturday he expects confirmation hearings on Judge Amy Coney Barrett's nomination to the Supreme Court to start Oct. 12 and for his panel to approve her by Oct. 26.

Why it matters: That would mean the final confirmation vote could take place on the Senate floor before the Nov. 3 presidential election.