On Tuesday, former President Donald Trump emphasized that addressing America’s economic challenges starts with lowering energy costs, reinforcing his pledge to reduce energy bills by 50% within his first year if re-elected.
Trump made these remarks during a town hall in Flint, Michigan, hosted by Republican Governor Sarah Huckabee Sanders of Arkansas. The event primarily centered around the economy and the state of the auto industry.
In response to a question from a woman about how he plans to tackle rising grocery prices, Trump stressed the importance of focusing on energy costs.
“We have to start always with energy,” Trump explained. “I don’t want to be boring about it, but there’s no bigger subject that covers everything. If you make donuts, if you make cars, whatever you make, energy is a big deal.”
He then reiterated his goal: “And it’s my ambition to get your energy bill within 12 months down 50%… If I can do that, we’ve done a hell of a job … [and] interest rates are going to follow.”
Energy costs have been a central issue in Trump’s 2024 campaign. Last month, he announced his detailed plan to halve energy bills if he wins the presidency. Energy expenses, especially for electricity, have been gradually increasing over the years but saw a noticeable spike starting in early 2022, during President Biden’s administration. As of June 2024, the cost of residential electricity had risen to 16.41 cents per kilowatt hour, up from 12.62 cents in January 2021, according to data from the Energy Information Administration.
While natural gas prices surged to their highest levels in a decade by August 2022, they have since dropped closer to what they were during Trump’s presidency. However, gasoline prices have stayed higher under the Biden administration, with the national average at $3.50 per gallon as of August, compared to a peak of $2.99 under Trump in May 2018.
At the town hall, Trump also reiterated his energy plan, promising that his administration would begin ramping up domestic energy production from day one, declaring, “drill, baby, drill,” if elected.