How It Started... How It's Going: Energy prices soar as Biden pursues green agenda

Energy prices have shot up by more than a third since President Biden assumed office in 2021 as stubborn inflation continues to tax Americans. The Labor Department's new Consumer Price Index report on Tuesday showed that gasoline and housing costs were the biggest drivers of a 0.4% increase in March. Prices climbed 3.5% from the same time last year, higher than economists had predicted. Oil prices have reached a five-month-high.

Tuesday's inflation numbers punctuate what has been a dreadful three years for energy consumers. The overall cost of energy in March is up 36.9% from where it was in Jan. 2021, according to the Department of Labor's Bureau of Labor Statistics. All categories of energy are more expensive today than three years ago. In Jan. 2021, electricity cost $0.14 per kilowatt-hour and as of March 2024 it costs $0.17, an increase of 28%.

Biden, who is running for re-election in 2024, has sought to combat rising energy prices by ramping up government spending on clean energy alternatives. The Inflation Reduction Act invested $369 billion in what Democrats labeled "Energy Security and Climate Change" provisions, translating to billions of dollars of incentives and tax breaks intended to reduce carbon emissions 40% by 2030.

However, critics say the president's pursuit of clean energy is out of touch and point to Tuesday's CPI report as evidence the Inflation Reduction Act failed. "In that law, Joe Biden and his supporters celebrated the passage of the largest green energy slush fund in history and all it is delivering are higher prices across the board," said Daniel Turner, founder and executive director for Power the Future, a leading energy industry group.

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