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Carbon capture utilization and storage was labeled “a gold rush” by Bloomberg Businessweek in January. Much of it is driven by the 45Q carbon capture and storage tax credit that has significantly changed the economic outlook for CCUS. Injection of CO₂ into the subsurface has been used for tertiary oil recovery efforts in the Permian Basin of New Mexico and West Texas since the 1970s. However, the permanent storage of CO₂, especially in saline reservoirs, is a relatively new enterprise.

“When aspiration and reality collide, in my experience reality wins every time,” said Jeff Miller, chairman, president and CEO of Halliburton, last month at the inaugural Middle East Oil, Gas and Geosciences Show (MEOS GEO) in Bahrain. He made the remark in the context of a CEO discussion about the industry and its response to the energy transition. The truth of his observation is much broader. As AAPG identifies and prepares new ways to serve its members and attract new members for decades to come, it’s important for us to understand the facts, as best we can. If our strategy is to succeed, it must be based on reality. One reality we face in the United States and Europe is dwindling enrollments in the geosciences, and the jobs these graduates are getting are rapidly changing.