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Economist sounds alarm on green energy as Americans struggle with costs: 'Europe is telling us a big story'

FOX News logo FOX News 8/28/2022 Taylor Penley
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As reports indicate over 20 million Americans are struggling to keep pace with their utility bills, former Trump campaign adviser Stephen Moore weighed in on growing concerns over the plummeting home prices and the left's green energy push as a costly alternative to fossil fuels.

"Americans should be paying attention to what happens when you go with green energy because Europe is telling us a big story, and nobody's paying attention…" he told "Fox & Friends Weekend" host Pete Hegseth on Sunday.

"There was an article in the Wall Street Journal that the Brits are looking at an 80 percent increase in utility bills because they're hooked on Russian natural gas. Look at what's happening in some of these other countries like Germany and Spain."

"They don't have enough energy because they tried green energy and it failed," he continued. "Why aren't we paying attention to that in the United States?"

MORE THAN 20 MILLION US HOUSEHOLDS ARE BEHIND ON UTILITY BILLS

A wind farm in Glenrock, Wyoming. AP © AP A wind farm in Glenrock, Wyoming. AP

He went on to issue a dire warning that Americans could see a dramatic increase in utility costs this fall.

Moore also warned homeowners could see additional cost increases in the form of mortgage rates that could offset the plummeting home prices - explaining that, while this may ease tensions for homebuyers, it could wreak havoc on sellers.

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"[Falling home prices are] good news if you're a home buyer because we've had a huge surge in prices over the last few years, so you might get some relief in terms of price," Moore said.

"[It's] bad news for people who own homes and want to sell their homes because the prices are starting to fall, and we're seeing a slow-down in construction of new homes as well."

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Moore pointed to inflation, higher interest rates and mortgages as being behind the volatile market.

"The rate was about three percent on mortgages when Trump left office. Now the rates are between five-and-a-half and six percent." Moore added that homebuyers can expect to pay an additional $200,000 for a home of median price following rate hikes.

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