Just confirmed: Democrats’ massive tax and spending spree will mean higher natural gas prices for American families.
Here’s what you need to know:
The non-partisan Congressional Budget Office (CBO) issued a report and said the following:
- HIGHER ENERGY BILLS: “A company’s increased expense is expected to be passed through, in part, to end users in the form of higher prices.”People “will bear more of the cost increase from a charge for methane emissions by paying higher prices.”
- SHUTTING DOWN NATURAL GAS: “A charge for methane emissions decreases the amount of methane emitted and increases the cost of producing natural gas, which raises its price and lowers its total output.”
- BURDENSOME GOVERNMENT REGULATIONS, MORE UNCERTAINTY: “The way methane emissions are estimated, the structure and timing of the charge, and the scope of emissions subject to it all determine how the charge affects emissions, companies’ costs, and the price and output of natural gas.”
Bottomline: The natural gas tax will raise costs on Americans and threaten the reliable and affordable supply of energy. This is the Democrats doubling down on President Joe Biden’s energy and inflation crisis.
This is who the Democrats’ natural gas price hike hurts the most:
- Families already struggling to afford their grocery and energy bills. Over the past year, families have seen their grocery bills surge 13.1%. It’s the biggest increase since March 1979. Natural gas has surged to a 14-year high, and will get more expensive with the Democrats’ natural gas tax.
- American farmers who can’t afford fertilizer to grow crops like corn. Corn is also key in feeding animals. Fertilizer prices surged 80% last year alone and have risen nearly 30% in 2022. Natural gas is essential to making fertilizer – and Democrats’ natural gas tax will only lead to less production and higher food costs at the grocery store.
- American manufacturers who use natural gas to produce thousands and thousands of products from PPE to medicines to solar panels to iPhones to eyeglasses. These manufactures will be forced to pass the costs on to their customers.
With record-high inflation thanks to Democrats’ massive tax and spending spree, Americans are about to suffer from even higher prices due to this tax on a key source of American energy. It touches nearly every part of our economy. We cannot afford it.