In recent days, President Biden and senior White House officials have loudly celebrated the decline in gasoline prices, although other energy costs are anticipated to grow during the winter.
Biden and White House chief of staff Ron Klain have posted multiple tweets claiming credit for recent decreases in gas prices. The White House press secretary Karine Jean-Pierre stated that the president’s measures had decreased petrol prices.
Gas prices have decreased by approximately $1.25 per gallon as a result of this president’s efforts, Jean-Pierre stated at a press briefing on Wednesday. Reminding viewers not to forget the Inflation Reduction Act, which only Democrats voted for, and which will reduce health care costs, make a significant effort to combat climate change, and reduce energy prices.
Thursday morning, Klain wrote three tweets regarding gas prices, including one titled “Time to update the narrative” with a link to an article about lowering prices. According to AAA and federal data, the national average price of gasoline decreased to $3.76 per gallon on Thursday, around 11% higher than a year ago and 51% higher than when Biden took office in January 2021.
And Biden tweeted that gas prices have decreased for three consecutive weeks adding that we are heading in the right direction.
According to several estimates, costs for other forms of energy have soared this year and will continue to rise during the crucial winter months ahead. The Bureau of Labor Statistics reports that although gas prices have risen 11% annually, fuel oil has increased 58.1%, utility gas service has increased 33.1%, and electricity has increased 15.5%.
National Energy Assistance Directors Association (NEADA) executive director Mark Wolfe told FOX Business for customers the difficulty is that many believe that because gasoline costs have been down, the cost of home energy has also decreased, which is not the case.
He continued, “They’re different fuels with different dynamics.” Families who have struggled with very high inflation over the past year will see another struggle as winter approaches.
Last Monday, the NEADA released a report predicting that the average cost of home heating will rise to $1,208, an increase of 17.8% compared to last year and the second consecutive winter with significant price increases. The group noted that the national cost of home heating would climb from $127.9 billion to a projected $151.6 billion, with lower-income households bearing the brunt of the increase.
Wolfe expressed concern that due to growing prices and inflation, many households will have to choose between essentials. He suggested that Americans pursue several cost-saving steps, such as caulking drafty windows and replacing their furnaces.
In addition, the Department of Energy released its winter prediction on October 12, predicting that many U.S. households would spend more on energy this winter than in previous years. Natural gas is projected to climb by 28% annually, while heating oil, electricity, and propane are projected to increase by 27%, 10%, and 5%, respectively.
The report added that higher fuel prices and a forecast that is predicting colder weather would result in an increase in energy expenditures this winter. According to the analysis, the price of natural gas will increase by 51% compared to last year if the winter is 10% colder than anticipated.
In a report released this month, the Consumer Energy Alliance attributed the increase in heating costs to Biden administration policies restricting fossil fuel output and investment. According to the agency, customers would pay at least $14,1 billion more on power and home heating expenditures this winter than last.
On October 19, the group stated higher energy prices are because of a lack of supply caused by policy decisions that have discouraged investment in American energy development and increased the cost of generating and transporting the energy we all require.
Now, American families and companies are again susceptible to the whims of foreign governments that do not require the same high environmental requirements we do.