Ohio HB 487 addresses alternative energy prospects for the state and establishes policies regarding the geological storage of carbon dioxide. The bill defines "geologic storage" as the permanent or short-term underground storage of carbon dioxide in an underground reservoir. In Sec. 1572.02. the legislation grants the division of mineral resources management the "exclusive" rights to regulate the geologic storage of CO2 in the state of Ohio. The bill calls for the chief of the division of mineral resources to set up rules that: establish procedures for permits; establish requirements for storage operators to be approved by the chief; establish financial assurance requirements for proper maintenance, well plugging, and abandonment of storage facility; establish a fee for each ton of CO2 injected to be paid by the storage operator; establish closure requirements for storage facilities once injections is completed; establish a long-term monitoring program; and establish procedures for the conversion of EOR to a storage facility.