We’re leading an all-out national mobilization to defeat the climate crisis.

Join our work today to help us build a thriving and just clean energy future. 

Donate

We’re leading an all-out national mobilization to defeat the climate crisis.

Join our work today to help us build a thriving and just clean energy future. 

Blog

Evergreen Explains: How Fossil Fuel Corporations Are Driving the Energy Crisis

Working families need long-term relief from high fossil fuel costs. They need the Build Back Better Act—and they can’t afford any more delays.

TAGS:
Climate in Congress
An oil rig with a setting sun in the background

Over the past year, volatile fossil fuel prices have driven energy costs to a seven year high, and families across the country have been grappling with higher energy burden and the prospect of a long winter with sky-high home heating costs for those who depend on fossil fuels. But while working families are struggling to meet their energy needs, fossil fuel corporations are bringing in some of their highest profits in years—driven by business practices that prioritize massive profits and big payouts for corporate executives over the needs of the American people.

Fortunately, there’s an affordable alternative that can free working families from the whims of corporate polluters for good. Clean energy costs have been steadily declining for more than a decade, and renewables have become “the world’s cheapest source of energy.” By accelerating America’s transition away from fossil fuels and towards clean energy sources, we can protect consumers from volatile, expensive oil and gas markets and deliver reliable, affordable clean energy for all.

The Build Back Better Act (BBBA) makes transformative investments in America’s clean energy future that will accelerate the transition away from costly, polluting fossil fuels and save households across the country billions of dollars on their energy bills every year. Working families need long-term relief from high fossil fuel costs. They need the Build Back Better Act—and they can’t afford any more delays.

Follow the Money

A recent report from Accountable.US revealed that while the American people have been burdened with steep energy prices, 24 of the top oil and gas companies made approximately $174 billion from January to September of this year alone, while raking in massive profits. Some of these companies saw a revenue bump of 60% above the same quarter last year—and fossil fuel executives openly point to sky-high prices for bolstering their bottom line.

Price hikes in recent months have been driven in part by record-setting gas exports as corporate polluters move supply abroad, further prioritizing profits over the needs of American consumers. There is also mounting evidence that suggests oil and gas companies are artificially keeping prices high, even as their own costs have gone down. Because of this, President Biden has called for an investigation into whether oil and gas companies are illegally fixing high prices.

Unfortunately, shady business practices and precipitous fossil fuel price spikes are nothing new. Price fixing and gouging are systemic in the industry, allowing corporate polluters to rake in exorbitant profits at the expense of American consumers. And even regardless of this malfeasance, oil and gas markets are historically volatile, leaving working families vulnerable to costly, dramatic price shifts.

Drive Down Energy Costs With BBBA

At the same time, over the last decade, clean energy has become more affordable and accessible than ever before. Solar energy has become the "cheapest electricity in history," and other renewable sources like wind aren’t far behind. Simply put— supercharging America’s transition to a clean energy future is the best thing we can do to protect consumers from the volatility of fossil fuels. That’s where the Build Back Better Act comes in.

By making historic investments that will support and incentivize new clean electricity infrastructure—including $300 billion in clean energy tax credits, a national Clean Energy Accelerator, and billions in consumer rebates for electric appliances and energy efficiency retrofits—the BBBA will make clean energy even more affordable and widely available than it is now. Those investments, paired with additional critical federal actions, are projected to deliver major savings for the American people: one analysis from Rhodium Group found that the BBBA can help households unlock energy cost savings of $500 per year on average.

The BBBA will drive down energy costs, create millions of new good-paying clean energy jobs, advance environmental justice, and reduce climate pollution. It’s a no brainer, and that’s why corporate polluters in the oil and gas industry are desperate to stop it. Fossil fuel corporations and their network of front groups and lobbyists have gone all-in to strip key provisions out of the bill and avoid paying their fair share in taxes. They don’t want to compete against reliable, affordable, clean energy on a level playing field because they know they’ll lose. Senate Democrats must stand strong against pressure from corporate polluters and deliver meaningful relief from high fossil fuel energy costs by passing the BBBA without delay.

The Senate could vote on the Build Back Better Act before 2021 is over. That means your Senator needs to hear from you. Send a letter to them now. This is our moment. Let’s get this passed and then keep building toward a thriving, just, and inclusive clean energy future together.

Blog