BlackRock CEO Larry Fink said during a forum at the Clinton Global Initiative that increased energy prices are “accelerating” the transition to “green” energy.
“Because of the rising energy prices, we are certainly seeing the green premium shrink quite considerably. And so, the amount of investment dollars that are going into new decarbonization technology is accelerating, and accelerating very rapidly,” Fink told former President Bill Clinton.
Several Georgia-based labor groups, which are traditionally Democrat in both endorsements and membership, have sent letters to the Biden administration urging them to change course on policies that have resulted in rising inflation and higher gas prices.
The Atlanta North Georgia Labor Council, Coalition of Black Trade Unionists – Atlanta Chamber, and UFCW-Retail Wholesale and Department Store Unions have all sent letters to the Biden administration expressing their displeasure with current energy policies, expressing the plight of their membership in relation to inflation and fuel prices, and demanding a change of course.
A key inflation indicator increased to its highest level in 38 years while consumer demand remained strong despite soaring prices, the Commerce Department announced Friday.
The Commerce Department’s personal consumption expenditure (PCE) index grew 5.2% in January, exceeding the 5.1% Dow Jones estimate, the Commerce Department reported. The PCE is the Federal Reserve’s preferred measure of inflation, and January’s figure marks monthly the largest year-over-year increase since April 1983.
The PCE increased 0.5% on a monthly basis in January, the same pace as the previous three months, according to the Commerce Department. Including food and energy prices, overall PCE surged 6.1% since January 2021, marking the most annual growth since February 1982.
Black Hills Energy’s base rate for natural gas will increase Jan. 1, the Iowa Utilities Board ruled this week.
Non-gas costs on residential customers’ bills will rise from $0.13625 per Therm to $0.13905 per Therm. The typical monthly increase in base rates for residential customers will be $1.45, the IUB said in a news release Dec. 28.
The Consumer Price Index (CPI) increased 0.9% in November, bringing the key inflation indicator’s year-over-year increase to 6.8%, the highest figure in four decades.
The CPI’s increase is the largest increase in four decades, up from October’s 6.2% according to the U.S. Bureau of Labor Statistics (BLS) report released Friday morning. Experts surveyed by CNBC projected inflation would increase 0.7% in November, translating to a 6.7% gain on a year-over-year basis.
“These are frighteningly high inflation numbers, the likes of which we haven’t seen for decades,” Allen Sinai, chief global economist and strategist at Decision Economics, Inc., told The Wall Street Journal.
The White House downplayed surging energy prices in the U.S. and worldwide on Wednesday, arguing that the climate crisis was more important.
“Certainly, we all want to keep gasoline prices low, but the threat of the crisis — the climate crisis — certainly can’t wait any longer,” White House Press Secretary Jen Psaki told reporters Wednesday.