ENSPIRATION: Energy bills are on track to rise by more than $3 billion this year in part because of a nationwide energy security program that has boosted demand for the cleanest fuel possible.
The federal Energy Information Administration on Wednesday said the nation’s energy security efforts will see an increase in energy bills for consumers in 2017, but they are still below forecasts and the rise will likely be short-lived.
The EIA expects prices to rise from $2.75 per gallon today to $3 per gallon by 2022, but the agency projects that average fuel prices will rise from an average of $1.90 per gallon to $2 per gallon.
The $3-per-gallon increase will mostly be reflected in the energy cost of a gallon of gasoline.
Gasoline costs $2 to $4 a gallon now, but average prices have risen more than 5% a year since 2009.
The average price for gasoline will also rise from the $1 a gallon it is now in 2022, according to the EIA.
Gasoline costs are expected to increase by $1 per gallon over the next few years because of the national energy security initiative, according a statement from the EPI.
“These rates will increase in tandem with the growth in gasoline prices,” the statement said.
“While these prices will be relatively small, they are likely to be larger in the coming years.
As we have noted in previous years, it is more difficult to meet energy-related needs with less fuel.”
The EIA said the national security program was launched in April 2022 and the government began using more efficient power plants, reduced the number of fossil fuel-fired power plants and installed new energy-efficient vehicles in the fall of 2022.
Energy security, or the ability to pay off your energy bills quickly, was important to the administration and has been a key theme of President Donald Trump’s administration, EIA CEO John Kraus said in a statement.
The energy security measure, signed into law by President Barack Obama in 2016, was intended to help consumers save money on energy, reduce pollution and help companies compete against each other.
The EIIA said energy security costs will be up about $4 billion a year in 2022 and up to $7 billion a day in 2022.
The cost of the program is expected to rise in the first half of the decade because of higher costs from natural gas and electric vehicles.
The program was designed to save consumers money in the long run by encouraging more investment in renewable energy.
In 2019, the EIia estimated that the program will save $11 billion by 2040.
The new energy security regulations were announced after the Trump administration announced plans to slash federal spending on the Clean Power Plan, the federal energy policy that aims to cut carbon pollution from power plants.
The Clean Power Rule, a proposal Trump signed in November, requires states to cut their carbon pollution by 25% by 2025.