It's also important to note that the geological formations necessary for sequestering CO2 are a lot more common than those required to _potentially_ be stores of crude.
In addition to all this, countries around the world will have to be willing to take an economic hit, something I'm worried the biggest polluters won't do (China/India in particular). This makes me wonder if it is futile for developed nations to be stifling their own economies with carbon taxes because China, India, and Africa don't keep up. In any case, we probably will be far off the IPCC recommendations and will have to resort to geoengineering.