New Federal Energy Outlook Proof that Clean Energy is Best Way to Bring Price Stability to American Families
FOR IMMEDIATE RELEASE
December 7th, 2021
Contact: Jason Phelps, [email protected]
WASHINGTON, DC — Today, the Energy Information Administration (EIA) released its Short-Term Energy Outlook, which found that prices for gasoline are expected to fall dramatically in the coming months while natural gas remains steady. This report comes after months of major swings in energy prices and record high profits for fossil fuel companies.
In response to the EIA report, Noreen Nielsen, Senior Advisor for Climate Power, released the following statement:
“Fossil fuel CEOs continue to put families on a perilous rollercoaster when it comes to their energy bills. Families have been paying unreasonably high prices at the pump and those price spikes are expected to land on their home heating bills too. As long as households rely on volatile fossil fuels for their energy, price spikes are certain to strike again. Instead of watching fossil fuel CEOs and lobbyists profit while American families suffer, it’s time to invest in a cheaper, more reliable clean energy future. The Build Back Better Act does that. In this time of rising costs, Congress must pass this vital bill immediately to reduce energy costs and protect American families from harmful price spikes in the future.”
Today’s Outlook projects that gasoline will fall from its November average of $3.39 to $3.13 in December, $3.01 in January, and an average $2.88 for 2022. Natural gas prices fell in November, but are likely to remain level through the winter amid high demand from overseas. The report cited volatility in the market surrounding the unknown impact of the Omicron variant of COVID-19 as a reason for uncertainty in the projections.
The Build Back Better Act will protect American households from this volatility by turbocharging the 21st century clean energy economy. International Energy Agency Executive Director Fatih Birol recently said that investment in clean energy was hovering around a third of what was needed to meet the Paris climate targets, and that “the longer this mismatch persists, the greater the risk of further sharp price swings and increased volatility in the future.” Expert analysis shows that the bill will save American families $500 per month on energy costs and deliver $9 billion a year in savings for utilities and their customers.