It’s no secret that the price of just about everything has gone up — dramatically so, in many cases — during President Joe Biden’s administration, but a new finding should put the finishing touches on getting former President Donald Trump back in the White House.
OPINION: This article may contain commentary which reflects the author’s opinion.
Electricity prices have risen more than seven times faster since the beginning of the Biden administration than under the entire Trump administration.
As of March, the average price of electricity has surged by 29.4% since January 2021, a stark comparison to the preceding four years under the Trump administration, during which electricity prices rose by only 4.0%, as reported by the Federal Reserve Bank of St. Louis.
This spike in prices coincides with several policies implemented by the Biden administration aimed at reducing energy production, including a regulation by the Environmental Protection Agency mandating existing coal-fired power plants to slash their greenhouse gas emissions by 90% by 2040.
The surge in electricity prices surpasses the general rate of inflation, which has risen by 18.9% since January 2021 and by 7.8% in the preceding four years, as per data from FRED, the data source of the St. Louis Fed.
Over the past year alone, electricity prices have increased by 5.0%, maintaining steady month-over-month gains, while overall energy prices have risen by 2.1% due to volatile fluctuations, 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. The Inflation Reduction Act offers tax incentives to companies developing alternative power generation methods.
President Joe Biden has implemented substantial incentives for electric vehicles, encouraging their adoption as part of the administration’s push to mitigate carbon emissions by relying on grid-based energy rather than gasoline or diesel. Meanwhile, the price of gasoline has surged by 42.0% since January 2021, according to data from FRED.
WSJ: Electricity prices have increased 13 TIMES faster under Biden than across the previous seven years pic.twitter.com/mP1cJN5eM4
— RNC Research (@RNCResearch) April 12, 2024
If that power bill each month has been stinging more and more, now you know why.