Will Kessler
Daily Caller News Foundation
Electricity prices have experienced a significant rise since the beginning of the Biden administration, rising more than seven times faster than under the entire Trump administration.
The average price of electricity has increased by 29.4% since January 2021 as of March, far greater than the preceding four years under the Trump administration, when electricity prices increased by only 4.0%, according to the Federal Reserve Bank of St. Louis. The jump in electricity prices accompanies a number of policies from the Biden administration that have curbed energy production, such as a regulation from the Environmental Protection Agency that requires that existing coal-fired power plants cut their greenhouse gas emissions by 90% by 2040.
The increase in the price of electricity is far higher than the overall rate of inflation, which has increased 18.9% since January 2021 and increased 7.8% in the preceding four years, according to FRED. Electricity prices over just the last year have risen 5.0% after consistent gains month over month, while energy prices overall have risen 2.1% due to volatile changes, according to the Bureau of Labor Statistics.
Instead of supporting traditional forms of energy production, the Biden administration has pushed for green energy sources like wind and solar, with provisions in the Inflation Reduction Act offering tax incentives to companies developing alternative power generation methods.
President Joe Biden has also created huge incentives for electric vehicles that draw energy from the grid rather than utilize gasoline or diesel as part of the administration’s efforts to reduce carbon emissions. The price of gasoline has risen by 42.0% since January 2021, according to FRED.
WSJ: Electricity prices have increased 13 TIMES faster under Biden than across the previous seven years pic.twitter.com/mP1cJN5eM4
— Republican National Committee Research (@Republican National CommitteeResearch) April 12, 2024
The Biden administration has also put curbs on new oil drilling activity, limiting or even canceling several oil and gas leases to further reduce greenhouse gases. The White House ordered in January that the Department of Energy pause the review process of all liquefied natural gas export terminals.
The rate of inflation jumped to 3.5% in March year-over-year, up from 3.2% in the previous month and far from the Federal Reserve’s 2% target. To combat high inflation, the Fed has put the federal funds rate in a range of 5.25% and 5.50%, raising the cost of credit and hampering business growth, including for electric companies.
The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
The post Electricity prices have risen 7 times faster under Biden than Trump appeared first on WND.
Click this link for the original source of this article.
Author: Around the Web
This content is courtesy of, and owned and copyrighted by, https://www.wnd.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.