Rising energy costs impact fixed incomes

More than half of US households will spend an average 20 percent of their family budget on energy, nearly double what they spent 13 years ago, Gates writes. In North Carolina, the 2.1 million households earning less than $50,000 annually spend 23 percent of their income on energy.

Dan Cepeda/Star-Tribune/AP/File
Steam rises from and around the Dave Johnston Power Plant in Glenrock, Wyo. Many Americans are on tight budgets and can’t afford to spend more on energy, Gates writes.

In the current economy, many Americans are on tight budgets and can’t afford to spend more on energy. Our recent study finds that more than half of U.S. households will spend an average 20 percent of their family budget on energy, nearly double what they spent 13 years ago.

Last year we spoke with the people of Red Springs, North Carolina to find out how rising energy costs would impact their daily lives. In North Carolina, the 2.1 million households earning less than $50,000 annually spend 23 percent of their income on energy.  To the people of Red Springs, any increase in electricity prices would make a huge difference to their already tight family budgets.

With heavy handed EPA regulations coming, American families are going to be paying higher electricity prices.  Hasty regulations will slow the recovery of our economy, hurt hardworking families and put thousands of jobs at risk.

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