Energy Secretary Chris Wright said he remains hopeful that electricity prices will eventually level off, even as many Americans struggle with rising utility bills. Speaking with Jacqui Heinrich on Fox News Sunday, Wright said he expects the upward trend to slow soon, followed by potential price drops if the Trump administration’s energy policies continue.
Electricity prices have climbed sharply over the past year. As of September, they were 5.1 percent higher than the same time last year. Back in January, the number was 1.9 percent. These increases are hitting households hard and have now become a growing political problem for President Trump, who faces mounting pressure as electricity costs continue to skyrocket.
Overall inflation in September stood at 3 percent, matching the rate from January. While that stability may look reassuring on paper, the cost of electricity continues to move in the opposite direction. The surge in energy prices originally peaked at 15.8 percent in August 2022 during global energy shortages connected to the Russian invasion of Ukraine. Extreme weather and higher demand have also pushed utility bills higher across the country.
Looking ahead, the U.S. Energy Information Administration projects that residential electricity costs next year could be up to 18 percent higher compared to 2022. Other energy sources show mixed forecasts. Natural gas is expected to rise slightly, while regular gasoline and heating oil are projected to drop.
Wright said the Department of Energy is working to slow the increases, noting that the administration is focused on easing regulations on energy companies and reducing funding for green energy programs. He argued that the shift toward what he calls energy addition is already showing results in gasoline and diesel prices, but admitted the electricity sector is more complex and slower to respond.
The oil industry continues to show strong output. In the final full year of the Biden administration, the U.S. produced a record 13.4 million barrels of crude oil per day.
Even with these gains, rising power costs remain a major political challenge for Trump. With households feeling the pressure each month, electricity prices have quickly become one of the most sensitive economic issues heading into the next phase of his term.