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Tipsheet

Build Back Broke: Natural Gas Hits 14-Year High Under Biden

AP Photo/Charles Rex Arbogast, File

Earlier this summer, the national average prices for a gallon of unleaded and diesel fuel spiked to all-time highs as a result of President Joe Biden and his administration's war on American energy. The president, of course, blamed supposedly "greedy" corporations and Putin's war in Ukraine despite Biden's executive actions to kill off America's energy independence that spurred price increases long before Putin ever fired a shot in Ukraine. 

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Now, as the national average for gas has fallen from its record-setting highs to still-chronically high prices — up more than $1.50 since Biden took office — natural gas prices are having their turn at spiking as northern states look toward fall's cooling temperatures that will necessitate natural gas-powered heating for many Americans' homes. 

The cost for natural gas hit and rose past a 14-year high this week, rising briefly past $10 per mmBTU — one metric million British Thermal Units — for the first time since 2008.

Before Biden and his White House can scramble to blame someone, anyone, or anything for the spike in natural gas costs for Americans, the decade-plus high is one reached after prices surged since Biden took office. In the last two years, the mmBTU price for natural gas has more than tripled — up some 370 percent. That's not a fluke, that's a direct result of Biden's energy agenda that has become known as one where "the pain is the point" for Americans already struggling under overall inflation at 40-year highs. 

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The pain of soaring natural gas prices will be felt by a majority of Americans due to the unavoidable necessity of the fuel. Natural gas is used in more than 35 percent of America's power generation — so costs there will be passed along to consumers in the former of more expensive energy rates — and accounts for almost half of Americans' heat sources at home.

The soaring cost for natural gas is especially problematic now, as the end of August and beginning of fall marks the start to cooling temperatures in northern states and a need for more natural gas to keep homes warm.

In addition to higher costs for Americans to heat their homes, natural gas is relied upon by businesses, industry, and farmers for a multitude of uses that are now more expensive than they've been since 2008. That means more inflationary pain in the pipeline that will eventually hit individual consumers and could cost even more jobs as employers are forced to balance soaring costs with payroll and costs passed along to customers. 

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Thanks to President Biden and Democrats in Congress, there's no relief on the horizon either. The massive falsely named "Inflation Reduction Act" was quickly hyped by the president and his party's congressional leadership as the largest piece of climate-action legislation in American history. That is, the biggest jump away from reliable, affordable energy toward "alternative" sources and a regulatory regime that will further cripple America's kneecapped energy sector. 

"Build Back Better" is, yet again, proving disastrous to American energy and Americans' wallets.

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