Scientists at Los Alamos National Laboratory are proposing an idea that would take CO2
out of the atmosphere, blow it over potassium carbonate, then it would
go through a chemical reaction to produce fuel. This process doesn't
break the laws of thermal dynamic, it might just break the bank.
The real sticking point is cost. For it to be economically feasible, gas would need to be over $4.60 a gallon, which isn't that unlikely. The cost of the plant would be about $5 billion and you would need a dedicated power plant, preferably a newable energy source.
But the concept is sound, take CO2 out of the atmosphere, turn it into fuel, then burn it and then repeat. Fuel would no longer be a contributor to global warming since what you emit is what you capture.
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