Because oil is fungible, this has the exact same effect as limiting supply: price will increase. There are plenty of other ways to increase oil price (taxes bei

Because oil is fungible, this has the exact same effect as limiting supply: price will increase. There are plenty of other ways to increase oil price (taxes being the simplest) that don't require creating new waste disposal sites. Burying the oil also has the nasty side effect of increasing demand, so there's a chance that, for example, OPEC will just extract more oil to meet the added demand. And extracting oil isn't "free" from an emissions perspective.