The Effects of Rising Energy Costs on American Families and Employers

Daniel J. Weiss, Senior Fellow and Director of Climate Strategy at the Center for American Progress, testifies before the House Oversight Subcommittee on Energy Policy, Health Care, and Entitlements. Read the full testimony (CAP Action)

Chairman Lankford, Ranking Member Speier, and members of the Subcommittee, thank you for the opportunity to testify on “The Effects of Rising Energy Costs on American Families and Employers.”

When considering energy prices, there are three primary considerations.

  1. Fossil fuel prices do not include the costs of their side effects such as air pollution and the associated health care costs for premature deaths or asthma attacks.
  2. The Obama administration has adopted important policies to reduce energy costs for middle- and lower-income families.
  3. Expanding domestic oil production in protected lands and waters will not lower gasoline prices, but high gasoline prices yield high oil company profits for companies receiving huge tax breaks.