Einstein’s simple equation E=mc2 describes the relationship between energy and mass. Today we need a simple equation to describe the complex relationship between our dependence on fossil fuels and their impact on our lives. This calls for a calculation that considers the full cost of producing and selling fossil fuels and hidden costs of consuming fossil fuels.
Let’s start with the production cost of fossil fuels: the exploration, extraction and transportation of these fuels. Additionally, we must consider the cost to the consumer of the record profits for energy companies, the profit they make from our shared natural resource.
The second dimension of the equation involves the costs created by the consumption of fossil fuels. First, there’s the health toll of air pollution, highlighted by a November 2020 study estimating Utah’s annual health care cost at a staggering $1.8 billion with over 2,500 premature deaths; now extrapolate these costs to our country and over decades.
Then there’s the human and financial toll of increasing natural disasters driven by a changing climate. Recently the Federal Reserve identified climate as a near-term “financial stability risk.” The U.S. Commodity Futures Trading Commission climate risk subcommittee issued a comprehensive report warning: “Climate change poses a major risk to the stability of the U.S. financial system and its ability to sustain the U.S. economy.”
As we rethink the full cost of fossil fuels, it is time to consider new policies addressing these risks and challenges. Let’s support our future generations and urge Sens. Mike Lee and Mitt Romney, and Reps. John Curtis, Burgess Owens, Blake Moore and Celeste Maloy to endorse the PROVE IT Act. This legislation supports reducing carbon pollution globally by putting a price on carbon-intensive goods produced outside the U.S.
Andrew Watt, Sandy
