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EPRINC President Lucian Pugliaresi Testifies at Senate Budget Committee Hearing “Left Holding the Bag: The Cost of Oil Dependence in a Low Carbon World”

The U.S. Senate Budget Committee has jurisdiction over the Congressional Budget Office. In that position, its roles are to draft the U.S. Congress’ annual budget and to monitor that budget’s implementation.

Under the chairmanship of Senator Sheldon Whitehouse (D-RI), the Committee has held five hearings since the 118th U.S. Congress was seated in January. Four of these hearings have focused on the risks and costs of extreme events and weather such rising seas, wildfires, and hurricanes, with the balance on President Biden’s 2024 Fiscal Year Budget Proposal.  

Using the novel definition of “stranded assets” that is gaining currency in certain parts of economic academic literature and some general interest publications, the Committee held a hearing titled: “Left Holding the Bag: The Cost of Oil Dependence in a Low Carbon World”  at 10am on Wednesday March 29, 2023. Lucian Pugliaresi (on Twitter at @LPugliaresi), President of the Energy Policy Research Foundation (EPRINC), testified along with four other witnesses. His testimony can be found here, and the testimony of the other witnesses as well as a video recording of the event are accessible at the link above.