How much energy costs have changed over the last 40 years

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🗞️ Driving the news: Over the span of 40 years, energy costs in the United States have skyrocketed, with household energy prices spiking by a significant 166%, as revealed by a recent data analysis
• However, although the nominal amount spent on energy has predictably increased, the percentage of total household expenditure on energy has actually decreased

🔭 The context: The analysis utilizes data from the Bureau of Labor Statistics (BLS) and the National Council on Energy (NCOE)
• This shift in energy costs is the result of a multitude of factors, encompassing geopolitical tensions, infrastructure challenges, evolving environmental regulations, and the altered dynamics of global energy markets

🌍 Why it matters for the planet: The escalating energy costs highlight the environmental and economic challenges facing our world today, with a need to speed up the transition while making energy more affordable
• Surging prices underscore the urgency of seeking sustainable and renewable energy alternatives to mitigate the impacts of climate change, reduce financial challenges for households, and ensure a sustainable future for upcoming generations

⏭️ What's next: As the U.S. grapples with the implications of rising energy costs, there's an increasing push towards diversifying energy sources and accelerating innovations in energy efficiency
• Policies and investments will likely focus more on renewable energy infrastructure and research, aiming to strike a balance between sustainable energy, economic growth, and affordability for consumers

💬 One quote: "The complexities of this energy landscape have not only impacted the wallets of American consumers but have also reshaped national policies, economic priorities, and the trajectory of technological innovations in the sector." (​​Andrew DePietro, Forbes contributor)

📈 One stat: The year-over-year increase in energy prices from 2021 to 2022 was 17.7%, marking the steepest annual growth in four decades

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