Energy prices are coming down and that is a relief to people all over the world. But the impact of these lower prices also tells us something about the political and economic implications of the world community having turned its back on addressing climate change. Oil prices have such a stranglehold on our economy that they have come to dominate our politics. The price of gas may very well determine the next president. As the health of American democracy hangs in the balance, the situation is increasingly unsustainable. One of the greatest arguments in favor of addressing climate change is the need of the international community to wrest itself from the grip of big fossil fuel corporations.
All over the world, the price of one commodity is central to political power and economic prosperity. Practically all of the world economy finds itself at the mercy of a few large corporations and a few oil producing nations in one way or another. Now, with the passage of Biden’s climate change bill we finally have an opportunity to free the world from the economic vice of oil price volatility.
It hits the poor especially hard, the world over and here at home. Due to our reliance on fossil fuels, the poorest among us are having to pay a greater and greater percentage of their income on transportation costs. The best and most obvious solution is investment in clean public transportation. If America had thought ahead and invested in clean energy, low-income people would be benefiting from increased investment in public transportation and electric vehicles that have greater fuel efficiency. Instead, low-income people are forced to use older, fuel inefficient cars, paying more over time, having their pockets drained while they can’t put food on the table. Meanwhile, big oil reaps the profits.
Unfortunately, as Biden signs his climate legislation, not enough attention is focused on how clean energy should and could benefit low-income people. Wind and solar are now cheaper than coal and oil, and more importantly, wind and solar energy are independent of the oil market. Even if wind and solar were more expensive in the short term, in the long term dependence on fossil fuels makes us vulnerable to the caprices of the market. Not to mention the fact that the American taxpayer spends billions of dollars each year in subsidies in an effort to keep gas affordable for people who are forced to rely on it. If Americans had other transportation and energy options, the $20 billion a year America spends on subsidies for fossil fuels (according to the Enviromental Engery and Study Institute) might finally become not only unnecessary but politically untenable.
This situation can be rectified. America lags behind the rest of the world in making sure that everyone benefits from climate action, and the whole of society suffers because of it. There are things we can do today, consciously, to ensure that those who have the least benefit the most from fighting climate change.
Progressive Without Apology 