In this paper we review the literature on the costs and benefits of geological carbon storage and the estimates of greenhouse gas permit prices under the Kyoto Protocol commitment period and beyond. Combining these results for a set of circumstances, we find that in the near-term Carbon Capture and Storage (CCS) is likely to be an economically viable option only in a small set of circumstances, particularly enhanced oil recovery. In the medium and longer term, with improvements in CCS technology and the likelihood of increased greenhouse gas permit prices, CCS is likely to become an economically viable option under a wider range of circumstances.