On the fifth anniversary of
the White House energy plan, Rep. Waxman releases
a new
report showing
what has happened to energy prices and dependency
on foreign oil since the release of the
plan developed by Vice President Cheney's
energy task force.
Specifically, the report finds:
- 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 the last five years have seen sharp increases
in energy prices and increased U.S. dependence on foreign
oil, there is one group that has benefited considerably:
the energy industry. Oil companies reported record
profits of over $100 billion in 2005.