This study evaluates the potential of carbon dioxide-enhanced oil recovery (CO2-EOR) to reduce greenhouse gas emissions without compromising oil production goals. A novel, dynamic carbon lifecycle analysis (d-LCA) was developed and used to understand the evolution of the environmental impact (CO2 emissions) and mitigation (geologic CO2 storage) associated with an expanded carbon capture, utilization and storage (CCUS) system, from start to closure of operations.