The Energy Crisis: Addressing High Energy Costs for US Consumers
Get the lowdown on policy actions to address high energy costs for consumers
Volatile energy prices have been a reality for consumers across the globe in recent years. In 2020, oil prices hit their lowest level in decades. This year, oil prices have risen as high as $120 amid the war in Ukraine, supply chain issues related to COVID-19 lockdowns, and related uncertainty. Natural gas prices in the United States and around the world remain unusually high, but also face considerable uncertainty. High energy prices presented financial challenges for consumers to heat their homes throughout winter, especially in Europe, and are driving inflation to heights not seen for decades. The Biden administration has taken steps to ease the impact to consumers’ pocketbooks, and some states have suspended their gasoline taxes.
Resources for the Future (RFF) hosted an RFF Live event on April 28, 2022, where we looked under the hood to understand the key drivers of domestic and global energy prices and explore US policy proposals to address increased energy costs. We reviewed the historical context for recent volatility, the underlying causes, and the factors that will impact prices in the months ahead. A group of seasoned analysts and energy market experts then discussed the implications for US energy consumers and businesses, the short-term actions that have been taken to reduce these costs, and the longer-term policies that are likely to be in play.
- Carla Frisch, US Department of Energy
- Marianne Kah, Center on Global Energy Policy
- Richard G. Newell, Resources for the Future
- Christine Tezak, ClearView
- Daniel Raimi, Resources for the Future (Moderator)
Acting Executive Director and Principal Deputy Director, US Department of Energy Office of Policy
Adjunct Senior Research Scholar and Advisory Board Member, Columbia University Center on Global Energy Policy
Richard G. Newell
President and CEO, Resources for the Future
Dr. Richard G. Newell is the President and CEO of Resources for the Future. From 2009 to 2011, he served as the administrator of the US Energy Information Administration, the agency responsible for official US government energy statistics and analysis.
Daniel Raimi is a fellow and director of the Equity in the Energy Transition Initiative at RFF. He works on a range of energy policy issues with a focus on tools to enable an equitable energy transition.
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