In fact, the Bureau of Labor Statistics released new federal numbers showing energy prices have risen more than 40% in the last twelve months.
“The index for natural gas rose 19.0 percent over the last 12 months, while the index for electricity increased 4.0 percent,” BLS said.
Texas Gov. Greg Abbott sent a letter to the White House this week calling on them to change their policies and let Texas take it from here.
“Dear White House,” Abbott said. “Texas can do this. Our producers can easily produce that oil if your Administration will just stay out of the way. Allow American workers—not OPEC—produce the oil that can reduce the price of gasoline. Don’t make us dependent on foreign sources of energy.”
Dependence on foreign energy sources had been a major problem until Trump took office. Now, it’s back.
Abbott’s comments come after National Security Advisor Jake Sullivan released a statement showing we are at the mercy of OPEC once again.
“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” he said. “The price of crude oil has been higher than it was at the end of 2019, before the onset of the pandemic. While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022. At a critical moment in the global recovery, this is simply not enough.”
Sadly, gas prices aren’t the only things to increase.
“The all items index rose 5.4 percent for the 12 months ending July, the same increase as the period ending June,” BLS said. “The index for all items less food and energy rose 4.3 percent over the last 12 months, while the energy index rose 23.8 percent. The food index increased 3.4 percent for the 12 months ending July, compared to a 2.4-percent rise for the period ending June.”