Washington, D.C. — The Trump administration is reportedly looking for ways to lower energy prices that are surging due to the needless war against Iran. But a new analysis from the Center for American Progress finds that Trump administration officials are not pursuing some of the most obvious solutions that would have the most impact.
This analysis outlines four actions the Trump administration could take if it really cared about delivering lower gas and energy prices to Americans instead of increasing profits for the oil industry:
- End the war in Iran to restore normalcy to the energy markets and bring gasoline and home energy prices back down.
- Restore tax rebates and fuel economy standards that made the country less dependent on oil and reduced Americans’ exposure to price fluctuations caused by global crises.
- Change the export policies for oil and liquefied natural gas to decrease the exposure of Americans to spikes in the price of oil and natural gas.
- Institute a windfall profits tax to ensure that oil companies can’t reap major financial benefits during a crisis at the expense of the American people.
Instead of pursuing these real solutions, the Trump administration has taken harmful actions such as waiving Russian oil sanctions and waiving shipping laws that protect American workers. These and other proposals will result in negligible cost savings for Americans yet keep the oil and gas industry’s profits intact.
Read the analysis: “How the Trump Administration Could Lower Energy Prices and What It Is Doing Instead” by Courtney Federico, Sophie Conroy, Leo Banks, and Jenny Rowland-Shea
For more information, or to speak with an expert, please contact Sam Hananel at [email protected].