Ed Markey Declares the ‘Oil Era Will Be Over’ if Dems Pass $1.75 Trillion Spending Package

Sen. Ed Markey (D-Mass.) says the investments in clean energy in the $1.75 trillion Build Back Better Act will bring an end to the “oil era.”

On Wednesday, Markey said, “Right now, we can see dramatically rising oil prices all across this country. We should be releasing the Strategic Petroleum Reserve to send a message to the oil industry.”

He also called for the repeal of a law which allows for the exportation of U.S.-produced oil.

“Right now, oil companies are taking American consumers and shaking them upside down at gas pumps all across our country, while simultaneously sending a signal to the Republican Party to kill Build Back Better, to kill a transition to all-electric vehicles,” he continued.

The Massachusetts senator went on to suggest, “If we’re afraid of Russia’s agenda right now, Saudi Arabia’s control over our foreign policy in the Middle East, there’s one sure and certain thing that we can do and it’s over the next month.”

“And that is to make sure that we have both of those countries and others like them on a pathway to bankruptcy. Because the oil era will be over if we pass this bill,” he added.

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Markey’s comments refer to the $1.75 trillion Build Back Better Act.

A framework of the legislation includes $550 billion in investments in clean energy.

According to the White House, the bill would represent the “largest effort to combat climate change in American history.” Additionally, it would “advance environmental justice by investing in a 21st century clean energy economy – from buildings, transportation, industry, electricity, and agriculture to climate smart practices across our lands and waters.”

Markey also referenced rising gas prices across the country. According to AAA, the average price of a gallon of gas nationally is $3.41, up from $2.12 a year ago.