By R. Dean Foreman, Ph.D., Chief Economist, American Petroleum Institute Most people are concerned when energy costs rise, especially prices at the pump. It’s understandable since the average household spent nearly $4,100 on energy in 2019, per the U.S. Bureau of Labor Statistics’ (BLS) Consumer Expenditure Survey. For more than a decade, expanded U.S. energy production helped lower energy costs, giving consumers more disposable income to afford other essentials like food, education and healthcare, which rose by 27%, 38% and 75%, respectively, according to the Bureau of Labor Statistics (BLS). However, with U.S. natural gas and oil production down recently, energy costs have […]
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