President Trump campaigned on a promise to significantly reduce energy costs, pledging to cut power prices by half within 12 to 18 months. “Under my leadership, the United States will commit to the ambitious goal of slashing energy and electricity prices by half, at least,” he said at a rally.

However, data from the first five months of 2026 show average household electricity prices were about 12 percent higher than during the same period in 2024, outpacing inflation. Gasoline prices have also risen, averaging $4.11 per gallon as of Friday, about 60 cents higher than in mid-2024, according to AAA.

Mark Wolfe, executive director of the National Energy Assistance Directors Association, noted that high energy prices increase the cost of living for ordinary Americans.

Thomas Rowlands-Rees, head of Global Power Markets Analysis at BloombergNEF, explained that rising prices reflect the costs of necessary grid upgrades rather than the actions of any single administration. He added that much of the utility industry’s policy power lies at the state level, limiting federal influence, which typically affects prices over years or decades. Rowlands-Rees also expressed skepticism that any administration could have halved energy prices within 18 months.

These developments highlight the challenges in meeting ambitious energy cost reduction goals amid complex infrastructure and regulatory factors.

Sources

The Hill: Energy prices rise in defiance of Trump campaign promises