Higher Energy Prices

Among the many consequences of Russia’s invasion of Ukraine are higher energy prices and fears about oil and gas shortages. But recently, Senate Finance Committee Chairman, Ron Wyden (D-OR) argued that Congress can kill two birds with one stone by passing clean energy tax incentives.

Tax breaks could help reduce the country’s dependence on foreign oil and “prevent the most catastrophic effects of the climate crisis.” Wyden emphasized that the package he proposed in last year’s Clean Energy for America Act, “would lower emissions by the power sector by more than 70%.” Besides containing tax breaks for businesses, it would offer refundable tax credits for consumers who buy electric vehicles.