The Bureau of Labor Statistics (BLS) revealed that energy inflation reached a 40-year high (BLS).
According to the Consumer Price Index statistics from the Bureau of Labor Statistics, energy prices are expected to increase by 41.5 percent between June 2021 and June 2022. While the cost of electricity climbed by 13.7%, the cost of gas increased by 59.9%. The CEO of the American Exploration & Production Council, Anne Bradbury, said in a statement to the Daily Caller News Foundation that “Energy is the building block of our economy, which makes today’s energy inflation numbers particularly concerning,”.
President Biden defended the high inflation rates, asserting that the statistics were "out of date" and and gas prices have decreased throughout the month of June, According to the CPI report,
Between May and June, the Consumer Price Index (CPI) increased by 1.3 percent, reflecting increases in the cost of housing, transportation, and food.
According to a research fellow for regional economics at the Heritage Foundation, the average American has lost $3,400 in yearly income since Vice President Joe Biden's inauguration.
'' Energy prices are trickling down into everything and American families are being crushed,” Antoni said. A research fellow for regional economics in the Center for Data Analysis at the Heritage Foundation
The Biden administration blames Russian President Vladimir Putin's war in Ukraine and Republican efforts to oppose his price-gouging crackdown on Putin's Russia for the increase in energy costs. Putin has sparked a food catastrophe across Europe by cutting off the flow of grain and electricity over the Black Sea.
According to U.S. oil corporations, the Obama administration's environmental rules have made it challenging for them to boost production.
The White House took a while to react to the DCNF's request.
The preceding is a summary of an article that originally appeared on WND.