Report finds that Energy Prices have Risen Rapidly after Five Years of Bush Energy Policy

|

On Tuesday, the fifth anniversary of the White House energy plan developed by Vice President's energy task force, Representative Henry Waxman released a report showing that energy prices and dependency on foreign oil have increased. The report found that:

  • Energy prices have risen rapidly. Over the last five years, crude oil prices have increased by 143%; gasoline prices have increased by 71%; natural gas prices have increased by 46%; and prices for other fuels have increased at a rate significantly higher than the inflation rate.
  • American families are spending record amounts for energy. Five years ago, the average American family spent $3,300 on gasoline, home heating, and electricity. This year, the average American family will spend over $5,100 on gasoline, home heating, and electricity. This is an increase of nearly $2,000 per family. The indirect costs of higher energy prices in the form of higher prices for consumer goods and services are likely to cost families another $1,400 per year.
  • The nation's dependence on foreign oil has increased. During the 2000 presidential campaign, Texas Governor George Bush criticized the Clinton Administration for allowing U.S. imports on foreign oil to reach 56% of U.S. oil consumption. Five years after President Bush announced his energy plan, U.S. imports of foreign oil have risen to 65% of U.S. consumption.

While few have benefited from the rise in energy prices, the energy industry has profited considerably, with oil companies reporting record profits of over $100 billion in 2005.

Email Updates

Subscribe

Receive our articles automatically:

Donate

Media Mouse is reader funded and relies on contributions to provide unique reporting and research.

donate

Bloom Collective

bloom collective logo

Media Mouse is part of the Bloom Collective, an infoshop and lending library located at 1134 Wealthy St SE. The Bloom Collective offers a wide variety of resources to promote social change.

Promote Mediamouse.org

You can help promote Mediamouse.org by printing and distributing flyers or by adding us as a friend on the following social networks:

About this Entry

This page contains a single entry by published on May 18, 2006 9:54 AM.

Alternative Annual Report on Halliburton Released was the previous entry in this blog.

Noteworthy Articles is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

About Mediamouse.org

Mediamouse.org is a left and progressive website providing independent news, media, analysis, and commentary covering Grand Rapids, Michigan and beyond. We aim to inspire grassroots activism to transform our community, our lives, and our world.

Get Active

We hope that this site will function as a catalyst for action. We urge you to get involved either with the groups listed in the Progressive Directory or by attending local events.