By Linnea Lueken and H. Sterling Burnett
*Editors’ Note: As two previous reports have shown (one from 2022, one from 2023) Biden’s climate and energy policies have resulted in rising electricity, heating, and fuel costs., harming average U.S. households.
Energy prices continue to surge due to President Joe Biden’s radical energy and climate agenda, according to an analysis by The Heartland Institute, a national free-market think tank. The analysis depended entirely on data from Biden’s U.S. Energy Information Administration.
In 2021, household electricity prices increased 8 percent. Electricity price increases accelerated even more in 2022, and continued to rise in 2023. Since December 2020, the last month before Biden took office, residential electricity prices have increased by 23 percent.
Key Points
Over the past three years:
- Residential electricity prices have increased 23 percent
- Industrial electricity prices have increased 19 percent
- Home heating oil prices have increased 69 percent
- Oil prices have increased 52 percent
- Natural gas prices have increased 32 percent
- Gasoline has increased $0.97 per gallon, or 42 percent
After three years of Biden’s energy policies, the average U.S. driver has spent at least an extra $548 per year in higher gasoline costs while the average household has expended $318 in higher electricity costs. Households that use natural gas have spent an extra $586 over the past three years, and those using home heating oil have paid a whopping $3,068 more.
Since Biden entered the Oval Office, the average American household has directly paid at least $2,548 in higher direct energy costs. This is the cost calculated by averaging price increases from January 2021 through December 2023, which means the actual added cost of energy is likely even higher.
The Heartland Institute analysis states: “Rapidly rising energy prices are not accidental. They are the predictable result of Joe Biden’s war on abundant, affordable, and reliable energy. The Biden administration has implemented dozens of policies that have caused energy prices to spike.”
To read the full report, click here.
What a legacy, glad he’s bowed out of
the political world after gouging us all with his stupidity and ignorance of not maintaining our energy supply but relying in unproven renewables and foreign dependency! We have no hope of
returning to abundant energy without a change in our domestic energy policy to pursue all forms of energy and developing new forms at the same time! This is a prudent approach as if one falters there is no slackening of energy production! Petroleum
sources keep us supplied and allow for minimizing price fluctuations! We need
A balanced energy policy not tilted to one source over another!