Prepared Floor Remarks by U.S. Senator Chuck Grassley of Iowa
Inflation is Hitting Energy Prices Hard
Wednesday, July 13, 2022

 
Over the July Fourth in-state work period, I held Q&A’s in 17 counties as part of my annual 99 county meetings. The need for energy independence and concern over soaring gas prices was raised at nearly every meeting. At Woodford Equipment in Emmetsburg, farmers raised their concerns over the high cost of diesel and their pricey commute to work caused by President Biden’s failed energy policies.
 
Today is a very difficult time for American families and businesses with gas and diesel prices at record highs – more than doubling since President Biden took office.
 
Americans who drive every day are feeling the impacts of an administration that is making it harder to drill and refine fossil fuels.
 
President Biden has stated it is the administration’s goal to have half of the nation’s vehicles be electric by the year 2030.
 
The Energy Secretary has said that to beat the high gas prices, Americans should purchase electric vehicles.
 
The average price of an electric vehicle according to Kelley Blue Book is $56,000 – roughly the equivalent of Iowa’s median household income.
 
Even if having half of all cars be electric by 2030 was attainable, which it isn’t, there presents another real problem.
 
Large swaths of the United States electrical grid are at risk for shortfalls this summer.
 
In May, the North American Electric Reliability Corporation released its Summer Reliability Assessment. They identified the West and Midwest as being at heightened risk for energy shortfalls.
 
If all cars were electric, the U.S. would need roughly 25 percent more electricity than it does today.
 
We simply cannot add that many electric vehicles to the grid.
 
And, while gas prices have gone through the roof, energy prices are not far behind.
 
From June 2021 to May 2022, the consumer price index for electricity rose 12 percent.
 
That is the largest increase in the past 15 years.
 
With reliability concerns increasing this summer and energy prices rising, Democrats continue to pursue their Green New Deal agenda.
 
There continue to be rumors of another massive tax and spending spree passed on a partisan vote that would push prices even higher.
 
It is past time for Democrats in Congress and the White House to rethink our nation’s energy policy.
 
Instead of becoming more like Europe, the U.S. must have an all-of-the-above strategy.
 
Our country has bountiful resources for energy generation. I am very proud of Iowa, a state that produces over 60 percent of its energy from wind.
 
But I know that this does not work for every state.
 
Fossil fuels account for 60 percent of electricity generated in the United States. 
 
Instead of focusing on domestic energy production, the president and his administration have caved to environmentalists in shaping our energy policy.
 
Utilities and energy companies are up to the task to provide affordable energy to all Americans.
 
Every year these companies are becoming cleaner and reducing our carbon footprint.
 
Nevertheless, Washington continues to layer regulation upon regulation, making costs go up.
 
Between new requirements on banking, blocking new oil leasing, and blocking key pipelines, Democrats in Congress seem determined to inflict pain at the gas pump and on energy bills.
 
The world has dramatically changed since President Biden took office.

Democrats need to adjust their priorities and stop this madness.