ON Wednesday, John Kerry and Joseph Lieberman introduced their long-awaited Senate energy bill, which includes incentives of $2 billion per year for carbon capture and sequestration, the technology that removes carbon dioxide from the smokestack at power plants and forces it into underground storage. This significant allocation would come on top of the $2.4 billion for carbon capture projects that appeared in last year’s stimulus package. That’s a lot of money for a technology whose adoption faces three potentially insurmountable hurdles: it greatly reduces the output of power plants; pipeline capacity to move the newly captured carbon dioxide is woefully...