Carbon fee and dividend would help reduce American dependence on global oil supply

Wednesday, October 19, 2022, OPEC announced a 2% cut in global oil supply. That same day, the Biden administration announced the drawdown of 15 million barrels of emergency reserve oil to keep prices in check.

OPEC’s sudden decision highlights the risks posed by a strong dependence on global oil supply. With uncertainty abroad, it is more important than ever to reduce the demand for fossil fuels by making a swift transition to locally sourced, renewable energy.

An economy-wide price on carbon would incentivize businesses to invest in renewable energy, and the revenues from such a tax could be returned to the Americans feeling pain at the pump.

Americans are eager for both short term and long term solutions to our dependence on oil, with 79% who say the priority for the country’s energy supply should be developing alternative energy sources, such as wind and solar (Pew Research Center - June 23, 2020).

Colleen Sack,

Citizens Climate Lobby, Honolulu, HI