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Electricity costs soar under Biden administration

Since President Biden took office, energy prices, especially electricity costs, have soared, outpacing inflation and putting a strain on Americans’ wallets.

According to one study, electricity prices have soared 29.4% since January 2021, more than 50% of the overall inflation rate and 13 times faster than the past seven years. wall street journal Analysis of Bureau of Labor Statistics data.

Meanwhile, electricity prices rose by just 5% in the seven years before Biden took office.

Despite the president’s pledge to cut costs to combat climate change, electricity prices are rising under the Biden administration, according to the Labor Department’s Consumer Price Index. Reuters

News of the astronomical power increase comes on the heels of the March Consumer Price Index showing US inflation rose 3.5% in March.

Data released Wednesday by the Bureau of Labor Statistics showed that on a monthly basis, prices rose 0.4%, with housing and gasoline contributing more than half of the increase.

“We’re not seeing any improvement here and we’re moving in the wrong direction,” said Greg McBride, chief financial analyst at Bankrate. he told Fox Business..

“There are the usual hassles: shelter, auto insurance, maintenance, repair and service costs. Add electricity to that list, which increased by 0.9% in March and 5% over the past year.”

Fox Business reported that overall energy costs increased by a whopping 36.9% in March compared to January 2021.

Energy prices have soared 29.4% since Biden took office. Inkdrop – Stock.adobe.com

According to the report, from January 2021 to this month, electricity prices rose from $0.14 to $0.17 per kilowatt hour, an increase of 28%.

And although gas prices have fallen from their 2022 peak, they are still 52.1% higher than when Biden took office, Fox Business reported.

Meanwhile, Biden directed billions of dollars to clean energy alternatives through the Inflation Control Act, one of his major legislative achievements.

In the seven years before Biden took office, electricity prices rose by just 5%. Vadim – Stock.adobe.com

The 730-page Inflation Control Act pledged $369 billion for environmental projects, including subsidies for renewable energy companies and tax breaks for consumers.

“With this legislation, Joe Biden and his allies celebrated the passage of the largest green energy slush fund in history, but it will bring All that’s going on is an overall increase in prices,” he told Fox Business. .