Biden’s Climate Policies Likely To Supercharge Already Soaring Electric Bills, Banking Giant Says
by Nick Pope 1 hour ago
President Joe Biden’s policies are driving up electricity costs and are poised to continue to do so, according to one of the biggest banks in the U.S. [emphasis, links added]
The Bank of America Institute issued a July 2 note titled “Powering the Revolution,” in which analysts stated that year-over-year energy price inflation reached 5.9% in May compared to 3.8% in January.
The note’s authors wrote that trends driven by signature Biden administration policies like electric vehicle (EV) demand, increased heat pump adoption, new data centers to enable artificial intelligence (AI) development, and manufacturing capacity expansion are likely to cumulatively drive prices higher in the long-term.
“Consumers have had some respite from rising utility bills recently, with the year-over-year median utility payment per customer declining 1.4% in the three months to May, according to Bank of America internal data,” the note states.
“However, they are still paying a lot more than in 2019, and the price of some utilities, including electricity, has been rising, suggesting that any relief could be short-lived.”
https://climatechangedispatch.com/bidens-climate-policies-likely-to-supercharge-already-soaring-electric-bills-banking-giant-says/
