The paper reposts on a comprehensive study of Carbon Dioxide Enhanced Oil Recovery (CO2-EOR), a detailed literature and projects review. In one hand, according to past studies, when injected CO2 and residual oil are miscible (Miscible Displacement), the physical forces holding the two phases apart (Interfacial Tension, IFT) disappears; as CO2 dissolves in the oil, it swells the oil, reducing its viscosity and density. This allows the oil CO2 to displace the oil from the rock pores, pushing it towards a production well. On the other hand, when injected CO2 and residual oil are not miscible (Immiscible Displacement), this process is used as a secondary recovery method. As many experts look to carbon capture, utilization and storage (CCUS) as one of the best alternatives for dealing with carbon emissions, research studies and laboratory investigations have indicated that, beyond its potential to augment oil production, CO2-EOR is getting intensive scrutiny by the industry, government, and environmental organizations for its potential for permanently storing CO2. A good example is a study by Montana Tech University, which found that CO2 flooding of Montana�s Elm Coulee and Cedar Creek oil fields could result in the recovery of 666 million barrels of incremental oil and the storage of 640 billion cubic meters of CO2, which is equivalent to 7 years of supplier�s CO2 emissions (a coal-fired power plant). Some other projects in the U.S., Canada and Norway have been evaluated. An economic and ecological analysis of the CO2-EOR process have been provided.