Gas Prices & Energy Costs

As of September 2022, gas prices have dropped every single day for over 14 weeks after rising over the past year due to built-up consumer demand from the COVID lockdown, Russia’s war on Ukraine, and price-gouging by oil companies (Shell, Exxon and Chevron announced record profits of $46B for Q2 2022). Energy costs have also been driven up by similar factors, as well as our reliance on expensive fossil fuels. While these are global issues, Democrats and the Biden-Harris Administration have passed legislation and issued executive orders to lower energy costs in the short-term and launched clean energy initiatives for long-term sustainability.

 

What Have the Biden-Harris Administration and Dems Done?

 

  • Passed the Anti-Price Gouging By Oil Companies bill in the House. (Nearly every House Republican voted against it and Senate Republicans blocked it.)
  • Passed the Infrastructure Investment & Jobs Act and the Inflation Reduction Act which will make massive investments in clean energy (which is much cheaper than fossil fuels like oil and gas) and in electric vehicles – both of which will reduce both gas prices and energy costs significantly.
  • Taken executive actions to address Putin’s gas price hike and corporate price gouging by authorizing the release of 1M barrels per day from the Strategic Petroleum Reserve; expanding access to biofuels to increase supply and help lower prices at gas stations across in the US; and demanding that the oil company CEOs work to bring forward solutions to increase capacity and output.
  • Provided $46B in financial assistance for utility bills via the American Rescue Plan.
  • Increased access to lower cost energy and clean energy upgrades that will cut utility costs immediately.
  • Connected families to low-cost, local solar power for 4.5M families which will save families 10-50% per year.
  • Connected states to low-cost solar power through the Community Solar Subscription Platform is estimated to save participating families over $1B annually.
  • Empowered rural housing authorities to save families money through HUD’s money-saving energy efficiency upgrades program.
  • Strengthened America’s clean energy workforce to ensure that the millions of jobs that will be created over the next decade will be accessible to workers from all backgrounds, provide competitive wages and benefits, and offer opportunities for union membership.
  • Implemented infrastructure improvements that will reduce energy costs long-term and protect against extreme weather with funding provided to state and local governments through the American Rescue Plan.
  • Expedited clean energy production the Defense Production Act will accelerate domestic production of solar, electric grid components, heat pumps, insulation, and electrolyzers, fuel cells, and platinum group metals.

What Have the Biden-Harris Administration and Dems Done?

 

Legislation

    • Passed the Anti-Price Gouging By Oil Companies bill in the House. This bill would have given the Federal Trade Commission the authority to investigate energy companies for alleged price gouging as prices at gas pumps nationwide hit record highs. (Nearly every House Republican voted against it and Senate Republicans blocked it.)
    • Passed the Infrastructure Investment & Jobs Act and the Inflation Reduction Act. These historic pieces of legislation make massive investments in clean energy (which is much cheaper than fossil fuels like oil and gas) and in electric vehicles – both of which will reduce both gas prices and energy costs significantly. See the Climate Action section for more details.

President Biden’s Executive Actions and Agency Actions

 

Expanded Supply To Reduce Prices 

    • Authorized the release of 1M barrels per day from the Strategic Petroleum Reserve.
    • Expanded access to biofuels to increase supply and helped lower prices at gas stations across in the U.S.
    • Demanded that the oil company CEOs work to bring forward solutions to increase capacity and output.

Lowered energy costs for Americans now and in the future.

  • Infrastructure improvements will reduce energy costs long-term and protect against extreme weather.
      • As of July 2022, DOE announced that American Rescue Plan funding will be provided to state and local governments to allow them to update building codes to make structures more energy-efficient.
      • DOE projects that the $225M in federal grants from ARP will help lower electricity costs for families and businesses by as much as $138B over a 30-year period. Improvements like the use of more advanced insulation designed to keep building temperatures season-appropriate, along with modern construction techniques that protect against extreme weather like flooding, hurricanes, and wildfire are projected to lower costs for residents.
      • The standards are also being used to raise efficiency standards and cut carbon emissions. Buildings account for 35% of carbon emissions in the US.
  • Expedited clean energy production. In June 2022, President Biden granted DOE the authority to utilize the Defense Production Act to accelerate domestic production of five key energy technologies: (1) solar; (2) transformers and electric grid components; (3) heat pumps; (4) insulation; and (5) electrolyzers, fuel cells, and platinum group metals. The DPA determinations are part of the Biden-Harris Administration’s plan to lower energy costs for families, strengthen national security, and achieve lasting American energy independence that reduces demand for fossil fuels and bolsters our clean energy economy.

LAST UPDATED ON SEPTEMBER 20TH, 2022