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Tags: energy | costs | joe biden | inflation | electricity

WSJ: Energy Costs Up Nearly 30 Percent Under Biden

By    |   Friday, 12 April 2024 06:17 PM EDT

Under President Joe Biden, energy costs, especially the price of electricity, are up nearly 30%, according to a Wall Street Journal analysis of data from the Bureau of Labor Statistics.

Electricity prices are up 29.4% since January 2021 and have risen 13 times faster than the previous seven years, the analysis found.

To put that figure in perspective, electricity prices rose a mere 5% in the seven years before Biden took office.

The report on the staggering cost of electricity followed the latest Consumer Price Index numbers, which revealed that inflation rose 3.5% in March.

The BLS data showed that price growth, on a monthly basis, rose 0.4%, driven primarily by shelter and gasoline, which accounted for more than half the increase.

“There is no improvement here, we’re moving in the wrong direction,” Greg McBride, chief financial analyst for Bankrate, told Fox Business. “The usual trouble spots persist — shelter, motor vehicle insurance, maintenance, and repairs, service costs. Add electricity to that list, up 0.9% in March and 5% over the past year.”

Meanwhile, according to Breitbart, gasoline prices have skyrocketed to a six-month high, climbing to an average of $3.60 per gallon — a more than 50% increase since Biden became president.

In the last month alone, prices have surged by more than 20 cents a gallon at the pump, leaving motorists’ wallets considerably lighter. The current average price for gas is more than $1 higher than when former President Donald Trump’s term ended.

Although various factors contribute to the rising costs, Biden’s energy policies are being closely scrutinized amid the ongoing instability in the Middle East, with industry experts warning that prices could continue to soar.

The president’s signature legislative achievement, the Inflation Reduction Act, has earmarked $369 billion for green energy initiatives, including grants for renewable energy companies and consumer tax breaks, as he seeks to reshape the nation’s energy landscape.

“In that law, Joe Biden and his supporters celebrated the passage of the largest green energy slush fund in history, and all it is delivering are higher prices across the board,” Daniel Turner, founder and executive director of Power the Future, told Fox Business.

Compounding the problem, the U.S. Energy Information Administration said Tuesday that U.S. power consumption will rise to record highs both this year and in 2025, as homes and businesses use more electricity and less fossil fuel for heat and transportation.

In 2024, EIA projected that power demand will rise to 4,096 billion kilowatt-hours, rising again in 2025 to 4,125 billion kWh.

For comparison, in 2023, power demand was 4,000 billion kWh and, in 2022, it was a record 4,067 billion kWh.

Nicole Wells

Nicole Wells, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.

© 2024 Newsmax. All rights reserved.


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Under President Joe Biden, energy costs, especially the price of electricity, are up nearly 30%, according to analysis of data from the Bureau of Labor Statistics (BLS). Electricity prices are up 29.4% since January 2021 and have risen 13 times faster ...
energy, costs, joe biden, inflation, electricity
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2024-17-12
Friday, 12 April 2024 06:17 PM
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