With OPEC threatening to cut oil production and push prices higher, Democrats’ $25 billion in tax hikes on American-made energy couldn’t come at a worse time. These tax hikes will slash U.S. energy production and raise costs for families, according to analysis from the nonpartisan Congressional Budget Office (CBO). Instead of expanding American energy resources to help consumers, President Biden tried and failed to get OPEC countries to increase their own oil production.
American families are now bracing for higher energy costs. The National Energy Assistance Directors’ Association (NEADA) estimates families will pay 17 percent more to heat their homes, the highest energy prices in more than 10 years.
Democrats’ ‘Inflation Reduction Act’ sends energy costs soaring and sticks the American people with the tab.
- “Charging for emissions decreases the output and increases the price of natural gas,” according to the CBO.
- The CBO goes on to write: “much of the cost for abatement is expected to be passed through to end users as a price increase.”
- Prices at the pump will also go higher as the $12 billion superfund tax hike gets passed along to drivers.
Americans are already feeling the pinch with higher energy costs.
- Soaring energy prices are hurting lower- and middle-income families the most, disproportionately hurting those making $50,000 or less. These working families have to choose between heating their homes and buying essentials.
- Nearly 20 percent of American households have made a late payment on their energy bills, or missed paying altogether, according to a report from Bank of America.