Trump Lowering Electricity Prices

Energy Secretary Chris Wright says Americans may soon see relief from rising electricity bills, as the Trump administration’s energy strategy begins to take effect.

During an appearance on Fox News Sunday, Wright told host Jacqui Heinrich that the steady increase in electricity prices is expected to level off in the near future — with potential declines later in President Trump’s term.

“Very soon, the rise in electricity prices should stop,” Wright said. “As we continue policies focused on expanding energy supply, Americans should see electricity costs come down over time.”

Electricity Costs Still Pressuring Household Budgets

Electricity prices remain a major concern for households, particularly seniors and retirees on fixed incomes. According to the Bureau of Labor Statistics, electricity rates were 5.1 percent higher in September compared to the same time last year. Earlier this year, prices were still up 1.9 percent year over year.

At the same time, overall inflation has remained elevated at 3 percent, adding pressure to monthly budgets already strained by higher food, housing, and utility costs.

What Drove Electricity Prices Higher

Energy officials point to multiple factors behind the sharp increase in electricity prices over the past several years. Costs peaked in mid-2022, rising nearly 16 percent, following global energy disruptions caused by Russia’s invasion of Ukraine.

In addition, extreme weather events — including heat waves and cold snaps — have increased electricity demand nationwide, putting added stress on the power grid and driving up utility bills.

The U.S. Energy Information Administration (EIA) has projected that residential electricity prices next year could be up to 18 percent higher than in 2022, underscoring the long-term challenge facing energy planners.

Some Energy Prices Already Declining

While electricity costs remain elevated, other energy prices are moving in a more favorable direction. According to the EIA:

• Natural gas prices are expected to rise modestly
• Gasoline prices are projected to be significantly lower
• Heating oil prices could fall sharply compared to 2022 levels

Administration officials say these trends show how increased energy production can help stabilize prices over time.

Trump Administration Focuses on Energy Expansion

Wright said the Department of Energy is actively working to slow electricity price increases by reducing regulatory barriers and encouraging domestic energy production, following President Trump’s directive to prioritize energy independence.

“We are doing everything we can to stop the rise in electricity prices,” Wright said. “Electricity is a complex system, and changes take time, but expanding supply is the only long-term solution.”

He contrasted the current approach with policies under the Biden administration, which emphasized renewable energy mandates and tighter regulations. Wright noted that while fuel prices such as gasoline and diesel have responded more quickly to policy shifts, electricity markets typically adjust more slowly.

Oil Production Provides Context

Federal data shows that U.S. oil production reached a record 13.4 million barrels per day during the final full year of the Biden administration. Energy officials argue that regulatory uncertainty limited how much consumers benefited from that production.

Under President Trump’s renewed push for domestic energy development, officials say increased supply, streamlined permitting, and infrastructure investment are expected to bring greater stability to energy markets — including electricity.

For Americans facing high power bills, especially retirees and homeowners, administration officials say relief is coming — but patience is required as the system adjusts.