Electricity prices are up 30%, thanks Joe! - TEA



Electricity prices are up 30%, thanks Joe!

April 19th, 2024

The issue: America is a natural gas superpower. But don’t take our word for it. Read Robert Bryce’s latest essay that explains why it is a strategic and irreplaceable fuel for the United States and Europe.

Why it matters: Despite this fact, politicians in some states have led the drive to reduce or eliminate natural gas usage. Case in point is Illinois, where labor unions are quite upset with recent decisions to electrify buildings.

Their reason is that good paying jobs are at stake. Pausing the gas-line modernization program leaves “critical repairs” undone and would lead to job losses for more than 1,000 union workers.

But Puget Sound Energy in Washington state is considering a more common-sense approach. Facing a significant energy shortage by 2030, it is considering options, including adding natural gas. Officials there recognize this abundant fuel should be part of the solution.


  • About 47% of all the homes in the country rely on natural gas furnaces for heating.
  • Low-cost natural gas is a boon to U.S. consumers and manufacturers.
  • Natural gas’ share of the electricity market has grown steadily since 1997.
  • There’s lots of hype about the energy transition, but wind and solar are lagging behind the growth in natural gas.
  • The oil and gas industry is driving rapid economic growth in major energy producing states, as this chart of 2023 GDP growth shows

Gas is an irreplaceable fuel, particularly during the coldest days of winter. During Winter Storm Heather, the gas grid provided more than twice as much energy to Americans as the electric grid. Remember, the push for electrifying everything is a regressive tax on the poor and the middle class.

Bottom Line: American natural gas keeps our energy prices low, our homes cool, and our grid stable. States that are moving away from natural gas will see higher energy prices and blackouts, but those that embrace gas will see rapid economic growth.

The issue: Electricity prices have soared under President Joe Biden. How much, you ask? About 13 times faster than the previous seven years.

Why it matters: Simply put, the government continues picking winners and losers and that alters the free market system.

Check out these two headlines, just one day apart on The Hill website, that clearly illustrate this point.

Consider: The 730-page Inflation Reduction Act of 2022 committed $369 billion to environmental projects, including grants to renewable energy companies and tax breaks for consumers. The billions in federal subsidies for renewable programs is another example of a green energy slush fund that this White House has offered, while doing its best to slow down — if not kill off — fossil fuel producers.

Biden has declared war on the natural gas and oil industry from day one and those two pieces are the most recent evidence. It’s driving up the costs of energy and, as a result, American families continue to struggle with their monthly budgets. Witness these numbers, since Biden took office: Electricity: +28.3%; Gasoline: +47.8%; Groceries: +21.1% and real average weekly earnings: -3.9%.

Bottom Line: Why have electricity prices increased nearly 30% since Biden took over? Look no further than policies that prop up wind/solar while making it harder for oil/gas producers to stay in business. Government shouldn’t pick winners and losers, especially with energy.

As international conflict rages on, gasoline prices continue to climb. This week the national average for a gallon of gas increased another 5 cents to $3.68. The main reason for the recent upward trend in gas prices are the situations in Ukraine and the Middle East which have driven up the price for a barrel of oil into the $80 range. As of this week, there are no longer any states in the country where drivers are paying less than $3 per gallon, on average.

Hearing On U.S. Energy Production: On Tuesday, April 23, the House Oversight and Accountability Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs will have a hearing called “Drilling Down: Oversight of the Challenges and Opportunities Facing U.S. Energy Production.”

FERC Open Meeting: On Thursday, April 25, the Federal Energy Regulatory Commission will hold an Open Meeting of the Commission.

“Iran gets sanction relief from the Biden administration, while Alaska has 55 sanctions put on our great state by this same administration. While Iran uses their oil revenue to sponsor terrorism around the world and attack Israel, Alaska uses its oil revenue to fund schools, public safety and roads.”

— Alaska Gov. Mike Dunleavy on X.