ROUND UP: Trump’s Economy Leaves a Trail of Pink Slips and Rate Hikes as His War in Iran Sends Gas Prices Through the Roof 

Customers in five states could face rate hikes as high as $45 per month as Trump and Republicans take energy options off the grid 

Diesel prices have skyrocketed since Trump attacked Iran, raising costs on everything from airfare to groceries

Washington, DC – In Donald Trump’s economy, gas prices are soaring, utility bills have skyrocketed by as much as 13%, and China is surging ahead in the race to power our global economy. Trump and Republicans have taken energy options off the grid as demand from data centers surges, squeezing supply at the worst possible moment and leaving Americans to pay the price. On top of that, Trump’s war in Iran is spiking gas and diesel prices to multi-year highs, forcing America’s families to pinch pennies just to make ends meet. 

Meanwhile, Republicans have been hiding from their constituents to avoid explaining why they voted to make life more expensive. In recent weeks, utilities in Illinois, New Mexico, North Carolina, and Wisconsin have proposed or enacted rate hikes. In Wisconsin, a clean energy manufacturing company is closing its Cudahy facility, laying off 70 workers in the middle of an affordability crisis.

Illinois

• The Carlyle City Council approved a 2.5% increase in the electric rate, effective April 1, 2026, with an additional 2.5% increase to take effect December 1, 2026, increasing residential customer bills by $2.50 in April and $3.50 in December.

New Mexico

• El Paso Electric filed a rate hike request with the New Mexico Public Regulation Commission that was expected to increase average residential customers’ monthly bills by $15.

North Carolina

• The Rocky Mount City Council approved a 15% increase in electric and gas rates. The across-the-board increases were expected to add $45 to the average customer’s monthly bill.

Pennsylvania

• PECO filed two requests with the Pennsylvania Public Utilities Commission to increase electricity rates by 12.5% in 2027 and increase gas rates by 11.4%. The increases were expected to increase average customers’ monthly electric bills by $20.08 and monthly gas bills by $14.52.

Wisconsin

• We Energies proposed a 9.2% electric rate hike for non-data center customers (residential and business) to be phased in over the next two years, with a 4.7% increase in 2027 and a 4.5% increase in 2028. Residential customers were expected to see rates increase by 9.25% in 2027, a $13/month increase, and by 5.5% in 2028, an $8 to $9/month increase.
• Wisconsin Public Service is seeking a 6.3% increase in base electricity rates in 2027, with another 3.5% increase in 2028. The increase was expected to add $11 to the average customer’s monthly bill in 2027 and another $5 to $5.50 in 2028.
• Regal Rexnord Corporation, a sustainable power transmission manufacturer, is set to close its Cudahy, Wisconsin, facility this summer, laying off all 70 employees.