A recent government report downplayed the detriment that President Joe Biden’s policies will have on energy prices through the summer as increased nationwide averages around one percent sugarcoated the 45 percent increase some Americans will be paying for electricity.
The U.S. Energy Information Administration (EIA) released the “Short-Term Energy Outlook” (STEO) analysis for summer 2022 pertaining to the electricity industry and revealed what common sense Americans already knew: Biden’s continued hamstringing of the gas and oil industry is devastating the economy.
“For summer 2022, we expect that the significantly higher natural gas fuel costs will be a main driver of wholesale power prices in coming months,” the STEO read. Since the western regions rely less on natural gas, they are forecasted to see a reduction in electricity prices from 2021. Thus, the 167 percent increase for New England is offset to offer a misleading overall estimate between around one and four percent.
Eversource Energy, a supplier in Connecticut, New Hampshire and Massachusetts told Fox Business, “With New England’s heavy reliance on natural gas to fuel electricity needs, the continued high global demand for natural gas and rising prices worldwide are also driving increases to electric supply rates here.”
While Biden has continually made claims of greedy energy companies gouging their customers for profit, Eversource contended that simply isn’t true.
“As a regulated energy distribution company, we purchase power for our customers on the competitive wholesale market – with prices driven by increases or decreases in demand along with other global market forces. This cost is directly passed through to customers with no profit to the company and is subject to review and approval by the appropriate regulatory agency in each of our respective states,” Eversource explained.
Meanwhile, the Pennsylvania Public Utility Commission noted, that come June 1, customers “will see sharp increases in energy costs…ranging between 6% and 45% depending on their electric utility.
Record-high gas prices be damned, Biden admin cancels massive oil and gas lease https://t.co/1qeWNLvviw
— American Wire News (@americanwire_) May 12, 2022
For any who seek to argue that these increases are a result of Russian President Vladimir Putin’s invasion of Ukraine, Biden’s continued assault on the prosperity of American energy independence shows how deliberately false those claims have been.
As Frank J. Macchiarola, senior vice president of Policy, Economics and Regulatory Affairs for the American Petroleum Institute, expressed, “Unfortunately, this is becoming a pattern – the administration talks about the need for more supply and acts to restrict it.”
He went on to state that instead of canceling leases, Biden has it within his power to return the United States to the abundant net exporter it was during President Donald Trump’s administration.
“As geopolitical volatility and global energy prices continue to rise,” Macchiarola said, “we again urge the administration to end the uncertainty and immediately act on a new five-year program for federal offshore leasing.”
Instead, Biden has signaled that he will turn to increase the prosperity of the dictatorial regime of Nicolas Maduro in Venezuela as he intends to lift sanctions “on the basis of ambitious, concrete and irreversible outcomes that empower the Venezuelan people to determine the future in their country through democratic elections.”
As Sen. John Barrasso (R-Wy.) said, “President Biden continues to reward our enemies by waiving sanctions while his administration does its best to kill American energy production. Funding despots isn’t in the national interest. Supporting American energy is.”
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