The White House provides subsidies to cover energy bills

 

Kamala Harris

The White House provides subsidies to cover energy bills

 On Wednesday, the White House said it would provide $13 billion to help support low- and middle-income families to pay their energy bills and find ways to make their homes more energy-efficient.

US Vice President Kamala Harris will take the stage in Boston to announce the administration's next steps in supporting families struggling with utility bills.

Some of the economic pressures accumulating on US taxpayers are building even though commodity prices are still below the highs recorded earlier this year. Combined with the increase in the cost of everything from rent to groceries, it turns out that the pressure is still intense.

Harris in Boston will report how the White House is working to lower energy prices before the winter heating season and help American families upgrade their homes to improve overall energy efficiency.

"President Biden's economic plan focuses on lowering energy costs for American families so they can keep their homes warm in the winter and cool in the summer, especially as communities across the country grapple with the extreme temperatures and volatile weather fueled by climate change," the White House read.

Commodity prices may rise from now on due to the decision of the Organization of the Petroleum Exporting Countries (OPEC) to tighten production quotas for November and December's ban in the European Union for imports of waterborne crude oil from Russia.

West Texas Intermediate, the US oil price benchmark, was trading at around $88 a barrel early Wednesday, but the consensus is that a return to $100 oil is imminent.

The Federal Department of Health and Human Services program provides $4.5 billion to help low-income families pay their bills and make necessary energy-related repairs. Another tranche of funding supports a heat pump rebate program, something the administration said holds "tremendous promise to reduce energy costs for all American families — saving up to $500 on energy bills each year."

The announcement comes after data showing that inflation continues to hit the pockets of US taxpayers. The Bureau of Economic Analysis showed on Friday that the personal consumption expenditures index, which measures the prices consumers pay for goods and services, rose 0.3% during August and 6.2% from a year ago.