While millions across the US and globally face energy insecurity and rising costs of living, major oil and gas corporations continue to post unprecedented earnings driven by the war in the Middle East and an energy system rigged in their favor.
New research by 350.org shows that on top of soaring energy bills, fossil fuels cost households an additional $12 trillion a year in taxpayer handouts, health impacts and extreme weather damage – equivalent to a $23 million a minute “gift to Big Oil” that costs each person on Earth $1,400 per year.
A coalition of 130+ civil society organizations is demanding governments to secure a permanent end to the wars in Southwest Asia and break the chains of fossil fuel dependence. The open letter highlights that in addition to thousands of civilians killed by US and Israeli bombs, millions globally are being pushed into hunger and debt because of the iron grip of oil and gas on our economies.
Decarbonization, renewable expansion and emissions reduction became the primary benchmarks of success. Energy was framed largely as an environmental issue, with progress measured by how quickly systems could move away from fossil fuels. That framing is now evolving.
In addition to the horrific loss of human life, campaigners say the crisis highlights how dependence on fossil fuels enriches the few at the expense of the many. The analysis estimates that rising oil and gas prices have already cost consumers and businesses an additional $104.2–$111.6 billion. Impacts have been sharp and immediate, from textile factory layoffs in Bangladesh, to fuel rationing in Kenya, to a looming recession in the United States.
As volatile energy prices continue to spike, driven in part by geopolitical instability and gas market shocks, governments face an urgent challenge: how to bring down household energy bills immediately and protect their citizens from fossil-flation making everything more expensive.
