Here goes oil

[scottw]

OK...OK....I'll give him credit for getting this one right...promise, predict, prognosticate...whatever....

Obama: ‘Under My Plan, Electricity Rates Will Necessarily Skyrocket’


Source: Energy Information Administration
Household electricity bills skyrocket
By Dennis Cauchon USA TODAYUpdated

Electric bills have skyrocketed in the last five years, a sharp reversal from a quarter-century when Americans enjoyed stable power bills even as they used more electricity.

Households paid a record $1,419 on average for electricity in 2010, the fifth consecutive yearly increase above the inflation rate, a USA TODAY analysis of government data found. The jump has added about $300 a year to what households pay for electricity. That's the largest sustained increase since a run-up in electricity prices during the 1970s.

Electricty is consuming a greater share of Americans' after-tax income than at any time since 1996 — about $1.50 of every $100 in income at a time when income growth has stagnated, a USA TODAY analysis of Bureau of Economic Analysis data found.

Prices are climbing, too, hitting a record 11.8 cents per residential kilowatt hour so far this year, reports the Energy Information Administration.