Families Who Want to Stay Warm This Winter Will Pay Highest Energy Bills in 25 Years
Oct. 14, 2022 - 'Inflation Reduction Act' - Bidenflation - Blog - Press Releases - Select Revenue Measures - Talking Points
Home heating costs are at a 25-year high, with energy costs up nearly 30 percent. This comes as workers’ paychecks continue to fall behind accelerating Biden-Flation, and more families fall behind on their soaring bills.
As reported by Bloomberg:
“U.S. households face an average power bill of $1,359 this winter, the highest since at least 1997, according to the Energy Information Administration. While much of that spike is driven by higher natural gas costs, homes that rely on oil for heat - such as in the Northeast - will be hit even harder, with an average bill of $2,354."
Bottom Line: Americans are facing an energy crisis made worse by Democrats’ Green New Deal energy policies and crippling tax hikes. It’s time to unleash U.S. energy independence.
Key Takeaways:
Energy costs are skyrocketing with no end in sight.
* NBC News reports : “Nearly half of U.S. households use natural gas to heat their homes, and they will spend 28 percent more to do so this winter. […] Those who use heating oil […] will spend 27 percent more - barring a colder forecast - and homes that primarily use electricity and propane will pay 10 percent and five percent more."
* The northeast U.S. is particularly vulnerable to higher heating costs, due to the region’s “limited gas pipeline capacity and [reliance] on diesel for heat."
* National inventories stand at the lowest in 40 years, and prices for diesel have almost doubled in the last year. As reported by Bloomberg: “The U.S. has just a 26-day supply of heating oil to draw on, the smallest store for this time of year in at least three decades."
* U.S. refineries are pumping out a million fewer gallons of diesel fuel with fewer refineries than before the pandemic, and the U.S. has not opened just one new oil refinery since 1977.
READ: Core Inflation Hits Highest In Biden Presidency
Democrats’ war on American-made energy couldn’t come at a worse time.
* Democrats’ $25 billion energy tax hikes will slash U.S. energy production and raise costs for families, according to analysis from the nonpartisan Congressional Budget Office (CBO).
* Prices at the pump will also go higher as the $12 billion superfund tax hike gets passed along to drivers.
READ: Biden Hurts U.S. Consumers with Tax Hikes on American-Made Energy and Failed Gambit to Beg OPEC for More Oil
Americans are already struggling to make ends meet in Biden’s cruel economy.
* More than half of American workers’ paychecks have fallen behind - the highest share of workers since 2011, the last time President Biden was in the White House.
* Soaring energy prices are hurting lower- and middle-income families the most, disproportionately hurting those making $50,000 or less. These working families have to choose between heating their homes and buying essentials.
* Nearly 20 percent of American households have made a late payment on their energy bills, or missed paying altogether, according to a report from Bank of America.
READ: As Democrats’ Policies Cripple the Economy, Americans Struggle to Keep the Lights On
