Business

Electricity Prices Have Risen Seven Times Faster Under Biden Than Trump

Official White House Photo by Adam Schultz

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

— RNC Research (@RNCResearch) 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.