After significantly reducing U.S. energy supply by limiting natural gas leasing and cutting off the Keystone XL pipeline, President Joe Biden is using the most recent Wuhan coronavirus relief package and $1.2 trillion infrastructure bill to subsidize an exponential increase in energy prices.
"The White House is joining states, localities, advocacy groups, and utilities in encouraging American families to apply for programs that can help hard-pressed families address home energy costs. These resources include the record funding for the Low Income Home Energy Assistance Program (LIHEAP) provided by the Biden-Harris Administration this year and funds to reduce home energy costs in the Bipartisan Infrastructure Law," the White House released in a statement Tuesday touting National Energy Assistance Day. "In addition to outreach efforts across the Administration, the White House also announced information encouraging states to use all available American Rescue Plan resources for energy assistance and funding from the Bipartisan Infrastructure Law to reduce home energy costs."
According to Biden's Energy Information Administration energy prices increased in 2021 more than any other commodity.
"Energy prices used in the S&P Goldman Sachs Commodity Index (GSCI) ended 2021 59% higher than the first trading day of the year," EIA reports. "Prices in energy commodity futures markets greatly increased throughout 2021. For example, the futures price of RBOB (a reformulated grade of gasoline used as the benchmark for gasoline trading) increased by 67% during 2021."
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