American families have experienced an astronomical rise in energy costs under Joe Biden. The cost of electricity, especially, has hit American households hard — well-outpacing inflation with a 29.4 percent jump in price since 2021. In fact, the increase in electricity prices is almost double that of inflation — with prices rising thirteen times faster than they had in the seven years prior to 2021.
Meanwhile, gasoline prices also continue to hit American pocketbooks hard. Though prices have fallen off their peak from 2022, the cost of gasoline remains 52.1 percent higher than it was when Biden first took office. The Biden government has depleted much of the Strategic Petroleum Reserve in an effort to bring down gasoline costs. However, the relief has only been temporary, with prices again starting to rise across the country.
Additionally, President Joe Biden claimed his government’s massive green energy investments would reduce energy costs. The Inflation Reduction Act, a legislative cornerstone of Biden’s term in office, allocated $369 billion to environmental and energy projects. Despite the spending, however, the legislation appears to have had little impact on overall energy costs for the average American.
Energy costs play a significant role in the Consumer Price Index. On a monthly basis, prices rose by 0.4 percent — primarily driven by shelter and gasoline, which contributed more than half of this increase.
It is not just energy costs hitting Americans, but even prices related to the energy sector have seen crippling increases. The National Pulse previously reported that energy commodity prices have spiked by 47.6 percent since 2021. Additionally, leasing costs for cars and trucks are up 45.0 percent over the same period.
