President Donald Trump's push to expand domestic energy production can help lower consumer prices.
That's accomplished by increasing supply and reducing costs that ripple through the broader economy, Heritage Foundation chief economist EJ Antoni said on Newsmax, Saturday.
"This is econ 101," Antoni said on "The Count." "If you increase supply, you put downward pressure on prices."
Antoni said policies under former President Joe Biden reduced domestic energy output by limiting permits and leases, which he said contributed to higher prices for fuel and utilities.
"What we saw under Biden was a decrease in supply, a decrease, for example, in permits and leases," Antoni said. "And that resulted in fewer wells that resulted in less oil, less natural gas, etc."
He said energy costs extend far beyond what consumers see at the gas pump or on monthly utility bills, noting that energy is a core input across the economy.
"The key thing here with energy is the fact that it doesn't just affect your utility prices," Antoni said. "It doesn't just affect how much it costs you to fill up your tank. But it affects the price of everything because energy is an input in all of the products and services that we buy throughout this economy."
Because of that, Antoni said higher energy prices can fuel broader inflation.
"By increasing energy prices, Biden increased prices everywhere," he said.
Antoni said lower energy prices under Trump help ease pressure on households in multiple areas.
"With Trump bringing down energy prices, that is helping to alleviate strain for consumers throughout the economy," Antoni said. "Not just in terms of transportation costs, not just in terms of utilities, although that might be where it's felt most acutely."
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