Mike Gallagher, defense chief of Palantir Technologies, joins Varney & Co. to warn that the US risks losing the AI Cold War to communist China, and to urge a comprehensive push on energy, defense and innovation to maintain the American edge.
Minister of Energy Chris Wright said Sunday that the Trump administration’s energy policies will reduce electricity prices over the course of the president’s term as part of the White House’s efforts to address U.S. concerns about affordability.
“We are doing everything we can to stop the increase in electricity prices caused by Biden’s policies, and yes, there is inertia,” Wright said.
“But very soon you will see an end to the increase in electricity prices. And with the continuation of the Trump policy of energy addition, you will see declines in electricity prices later this term,” he added.
FEDERAL JUDGE STRIKES TRUMP EXECUTIVE ORDER BLOCKING WIND ENERGY PROJECTS
The most recent Consumer Price Index (CPI) report from the Bureau of Labor Statistics shows that in September electricity prices rose 5.1% compared to a year ago, despite a decline of 0.5% month-on-month.
Increasing demand for electricity from data centers used for power supply artificial intelligence (AI) tools have contributed to the increase in electricity prices, which has led to a push to increase the supply of energy from different sources.
TRUMP AND NYC’S NEW SOCIALIST MAYOR CALL FOR CON EDISON TO LOWER PRICES, CAUSING SHARES TO FALL
The rising demand for energy due to AI has pushed electricity prices up. (Joe Raedle/Getty Images)
“So I think President Trump’s policy of pro-energy, adding energy versus subtracting energy from the Biden administration has been immediately effective in gasoline, diesel and other fuels,” Wright said.
‘But the electricity sector is a large, complicated machine that will last four years… Biden administration closing coal-fired power stations, closing natural gas-fired power stations. Heck, I was just in Washington State. They were going to dismantle four hydroelectric dams. So we stopped digging the hole. We have halted the closure of coal-fired power stations. You will hear more about that later this week,” he added.
AMERICA’S AI DOMINANCE DEPENDS ON WINNING THE ‘POWER RACE’ AGAINST CHINA, ENERGY EXPERT WARNS
The Biden administration considered removing four dams on Washington’s Lower Snake River, including the Lower Granite Dam. (Don and Melinda Crawford/UCG/Universal Images Group via Getty Images)
This summer is the Department of Energy backed away from a Biden-era policy memo that raised the possibility of breaching four hydroelectric dams on Washington’s Snake River.
The four dams supply more than 3,000 megawatts of electricity hydropower generation capacity, which the Energy Department estimates is enough to generate power for 2.5 million American homes.
The Trump administration expressed concern that its removal “would have doubled the risk of power shortages in the region, increased wholesale electricity rates by as much as 50% and would have cost as much as $31.3 billion to replace.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Although the Biden administration considered the removal of the dams as part of the memorandum of understanding, which also included requirements to replace the services provided by the Lower Snake River dams, the decision would ultimately rest with Congress.
