BBC NEWS | Science/Nature | Carbon burial 'is climate option' Here's a good approach- pump carbon dioxide into oil wells that are nearing the end of production: this allows the CO2 to help push out any remaining oil and stores the CO2 in the old well.. instead of venting it into the atmosphere and contributing to the greenhouse effect. The ability to get the last bit of oil from the well could help reduce the cost of storing the CO2 in there.