Mr. CASSIDY. Mr. Speaker, I rise to highlight a newer technology called enhanced oil recovery. When an oil well runs dry, half as much oil remains underground, unable to be extracted using traditional means. This is where enhanced oil recovery comes in. EOR, as it's called, pumps CO2 into the ground, and oil which is trapped can be extracted safely and cost effectively.
Now, enhanced oil recovery is not hydraulic fracturing, or fracking. It is a process that displaces oil and allows it to be extracted. The Department of Energy states that enhanced oil recovery can yield as much as 80 billion barrels of oil, decreasing our needs to import by as much as one-third. And for those seeking to reduce atmospheric CO2, enhanced oil recovery provides the sequestration of carbon capture and sequestration.
As importantly, enhanced oil recovery employs thousands of Americans while generating royalty payments to local, State, and Federal governments. Enhanced oil recovery creates jobs, increases energy security, and potentially benefits our environment, and is a technology to be supported as much as we can.