'The fossil fuel industry has reoriented itself to prioritize profits from consumers overseas, jacking up prices for American consumers,' said AlanZibel of Public_Citizen.
"The Russian invasion of Ukraine has made clear that the boom in U.S. production and exports has not removed Americans from the wild swings of energy markets," reads the report released by consumer advocacy group Public Citizen, part of the"Indeed, with the U.S. economy now more tightly interlinked with global energy markets, consumers are even more vulnerable to international supply shocks and punishing price swings," the report argues.
Public Citizen's report highlights a study commissioned by former President Donald Trump's Department of Energy that"claimed, preposterously, that consumers would benefit" from U.S. gas exports"due to their natural gas industry stock market investments," just one example of the promised benefits of ending the export ban.
In 2022, amid global energy market chaos spurred by Russia's assault on Ukraine, U.S. crude oil exports have surged, with roughly 29% of production going overseas in the first half of the year, according to Public Citizen's analysis of data from the U.S. Energy Information Administration . "The fossil fuel industry has hailed the twin booms in oil and natural gas exports, claiming that they will be a boon to American consumers and national security," the report continues."But the economic instability and damage to local communities and the planet created by this rapid export expansion are only now becoming clear."
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