Social Security is making it harder for seniors to do routine tasks by phone in latest anti-fraud effort
In its latest effort to thwart fraud, the agency is expanding its online authentication requirement for address changes, claim status requests, benefit verification letters and tax statements, according to a regulatory filing Social Security recently submitted to the Office of Management and Budget. The agency intends to implement the change by August 18, assuming OMB approves it.
Advocacy groups, however, are raising concerns that many senior citizens and people with disabilities will not be able to complete the verification process, which includes the generation of a one-time PIN, through their mySocialSecurity accounts. The agency said in the filing that it expects 3.4 million people will need to go to field offices annually to complete the tasks.
'For many older Americans, the phone is how they access Social Security services without having to rely on complicated technology or long, difficult, or costly trips to field offices,' Nancy LeaMond, AARP's chief advocacy and engagement officer, wrote in a letter Tuesday to Social Security Commissioner Frank Bisignano.
'We are concerned that under this new policy, older Americans, especially those in rural areas, will have to call, wait on hold for possibly hours, and then wait weeks for an appointment — and in some cases even take time off work — to complete simple transactions they have long been able to do over the phone,' she wrote, urging the commissioner to reconsider the measure.
After the publication of this story, a Social Security spokesperson said the report was inaccurate. The new identification process will not lead to increased field office visits and is 'completely optional,' the spokesperson said in an email to CNN.
But in the agency's regulatory filing, there is no indication that the new policy is optional. The agency states in the filing that it expects there will be 3.4 million 'Respondents who decline to use SAP (Security Authentication PIN) and visit a field office for in-person identity proofing.'
It currently takes 35 days to get an appointment at a Social Security field office, according to the agency, which has been reducing staff amid a major reorganization.
The new policy is the agency's latest controversial attempt to combat fraud, spurred by the Trump administration. Prior efforts sparked widespread confusion among beneficiaries, who flocked to Social Security's 800 number or field offices, fearing they had to prove their identities in order to continue receiving their monthly payments.
Social Security had to walk back a measure instituted this spring to review retirement benefit applications for fraud after the process created a backlog and flagged only a tiny number of claims for additional verification.
But the agency retained an initiative that bars beneficiaries from changing their direct deposit information by telephone, requiring that they do so through their online accounts or at field offices. That policy is expected to send an additional 1.9 million people to field offices annually.
There is no documentation that requesting address changes and other routine tasks over the phone leads to fraud, said Kathleen Romig, director of Social Security and disability policy at the left-leaning Center on Budget and Policy Priorities.
'There's just no evidence that this is a problem,' said Romig, who worked for the agency during the Biden administration.
The new anti-fraud policies will increase field visits by 17%, requiring beneficiaries to spend 3 million hours driving to offices to complete their transactions, she estimated.
The latest effort also aligns with Bisignano's push to have more beneficiaries use the agency's online services to handle their requests. All the tasks that require added verification can be done through mySocialSecurity.
This article has been updated with additional developments.
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Business Upturn
an hour ago
- Business Upturn
Velocity Trader Exposes Wall Street's Hidden Friday Price Strategy Used to Trigger Short-Term Market Wins
New York, Aug. 04, 2025 (GLOBE NEWSWIRE) — In today's volatile financial markets, retail investors face growing uncertainty—yet one reclusive former attorney has quietly built a decades-long strategy to exploit a pattern that appears every week: Friday market manipulation. With a verified 97.62% win rate across nearly a thousand closed trades, Jim Fink's Velocity Trader system is now revealing how short-term options pricing—crafted by institutional firms—may be used to pinpoint profitable market movements in just 3 to 10 days. This press release breaks down the method, the mechanics, and the mindset behind this low-time commitment trading system. Amid turbulent markets and the erosion of traditional investment confidence, more Americans are searching for alternative trading strategies that offer not only short-term potential—but consistent, repeatable results. Enter Jim Fink, a former Wall Street-connected attorney who turned a modest $50,000 trading account into multi-million-dollar gains using what he describes as a 'Tuesday-to-Friday' market anomaly. Today, after nearly a decade in relative anonymity, Fink is opening up about how options expiration cycles may be silently shaping price movements across the U.S. stock market—and how retail traders can follow along without needing professional tools, complex training, or hours in front of a screen. To learn how this unique Tuesday-to-Friday trading method works, explore the full Velocity Trader system and discover how it identifies weekly expiration patterns hidden in plain sight. Many of these signals are delivered directly to members each Tuesday, offering the potential for trades to play out by that Friday—or the Friday after. Those interested in a low-effort, research-based approach can view this week's featured trade alerts here and see how the system adapts to today's unpredictable market. Disclaimer: This article is for informational and educational purposes only. It does not constitute financial advice, investment guidance, or an offer to buy or sell any securities. Trading in the stock or options markets involves substantial risk, and individuals should perform their own due diligence or consult with a qualified advisor before making financial decisions. Past performance is not indicative of future results. This content may include references to a subscription-based research service; results are not guaranteed, and testimonials reflect individual experiences which may not be typical. Always invest responsibly. Why Interest in 'Short-Term Options Trading' Is Surging in 2025 The 2025 market environment has been marked by volatility, uncertainty, and sharp reversals—conditions that have left many traditional investors feeling sidelined. With interest rates holding steady after a turbulent cycle of hikes, and inflation concerns weighing heavily on growth sectors, the appeal of long-term buy-and-hold strategies has faded for a large portion of retail traders. In its place, a growing segment of individual investors are exploring short-term options trading strategies designed for faster, more frequent results. Search data from Google Trends shows a sharp increase in search volume for phrases like 'weekly options strategy,' 'Tuesday to Friday trades,' and 'short-term market moves,' particularly during earnings seasons and high-volatility periods. On platforms like Reddit's r/options and r/WallStreetBets, active discussions often center around low-time commitment systems that aim to deliver returns within three to ten days—especially ones designed to navigate institutional behavior during options expiry. This shift in retail sentiment has not gone unnoticed. Financial content creators on YouTube and X (formerly Twitter) are increasingly focused on breakdowns of market anomalies surrounding Friday expirations, with many users reporting experiments in replicating these phenomena with mixed results. Enter Jim Fink's Velocity Trader system—built specifically to operate within this emerging window of opportunity. Rather than attempting to outsmart macroeconomic cycles or predict quarterly earnings, the system focuses on an observable price pattern that recurs every week: a surge or drop in specific equities tied to the expiration of options contracts. These weekly moves—while seemingly chaotic on the surface—follow a deeper, more structured rhythm that Fink believes can be detected, measured, and traded. The market's increased appetite for transparency, autonomy, and fast-cycle trading has made systems like Velocity Trader more appealing in 2025 than ever before. While not intended as a replacement for broader portfolio strategies, this type of approach caters to investors seeking precision-guided tactics for capturing market inefficiencies—without needing to be glued to a screen all day or navigating complex software platforms. From self-directed retirees to part-time traders and financially savvy professionals, the demand for short-horizon, research-driven systems has fueled growing curiosity around strategies like Fink's—especially those that target market behavior over hype, and use timing patterns over forecasts to generate consistent entry points. Velocity Trader as a Response to This Shift As mainstream investing becomes more turbulent, the need for a reliable, low-commitment trading approach has never been greater. Velocity Trader was designed specifically to address this gap—offering a structured way to engage with short-term market movements without requiring technical expertise, real-time monitoring, or exposure to long-term downturns. At the center of this approach is Jim Fink, a former attorney who began experimenting with options trading during his lunch breaks. Working at a law firm that handled major Wall Street clients, Fink had a front-row view of institutional behavior. Over time, he developed a system that could identify patterns in the options market—patterns he believed were not random, but engineered to benefit large firms during the expiration cycle. Rather than try to predict market direction broadly, Fink's strategy zeros in on how specific stocks behave in the days leading up to options expiration. By focusing on Tuesday as the optimal entry point and Friday as the common settlement point, he built a rhythm that aligned with Wall Street's weekly cash flows—and began using that rhythm to place precision-timed trades. The result is a system that takes only minutes to execute, requires no constant screen time, and has shown a high degree of consistency over time. Importantly, it avoids holding stocks outright, sidestepping the risks of long-term market exposure. Instead, Velocity Trader uses a rules-based framework to identify option contracts that may benefit from short-term price movement, allowing investors to participate in potential gains without the typical guesswork. It's this blend of simplicity and strategy that makes Velocity Trader stand out in 2025. With so many investors searching for an alternative to passive portfolios and unpredictable tech swings, Fink's time-tested method offers a way to engage the market without relying on hype, headlines, or speculation. By removing complexity and focusing on repeatable outcomes, Velocity Trader positions itself not as a magic bullet—but as a serious tool for traders seeking clarity in an otherwise noisy environment. For those looking to explore how this system works in real time, visit the official Velocity Trader site to learn more about the weekly trade alerts and how they are delivered. Inside the Velocity Trader Platform: How the System Delivers Weekly Trade Setups Without Daily Screen Time Velocity Trader isn't a course, a classroom, or a coaching program—it's a streamlined system designed to deliver two new trade recommendations every Tuesday morning, directly to members, with the goal of capturing movement triggered by Wall Street's massive Friday options expirations. Each recommendation is structured to play out over a three- to ten-day period, depending on market conditions. This approach is radically different from day trading or trend following. Jim Fink's methodology doesn't rely on technical indicators, chart patterns, or fast-paced decisions. Instead, it begins with a core insight: many of the price movements seen near the end of each week are not random. They're driven by how institutional options contracts are structured—and how those firms need prices to move to remain profitable by Friday. Each Tuesday, members receive a detailed briefing on two targeted opportunities. These alerts are delivered by email (with optional text message support) and include: The exact option ticker symbol Entry price guidance A simple two-sentence summary of why the trade was chosen A ready-made phrase members can read to their broker (ideal for those who prefer placing trades over the phone) Fink also records a brief weekly video explaining the logic behind each recommendation, providing greater transparency without overwhelming users with jargon or technical analysis. These videos are designed for clarity and accessibility—even complete beginners can follow along. One of the most unique aspects of Velocity Trader is its time efficiency. According to Fink, each weekly setup takes no more than ten minutes to execute. There's no need to monitor price swings throughout the day. Once the trades are placed on Tuesday, the system is designed to let the week unfold—with many trades reaching their payout window by that Friday or the next. To better understand how these alerts are structured—and why they're built around Friday market cycles—visit the official Velocity Trader platform here and see how Jim Fink packages institutional insight into a simplified weekly delivery system. What Online Users Are Saying About This Category Across financial forums and content platforms, short-term options trading has become one of the most discussed strategies of 2025. Retail investors, side hustlers, and former long-term stock pickers are increasingly shifting attention to time-sensitive trades that operate on a weekly rhythm. But while the appetite for fast results is growing, so is the confusion around how to make it work without gambling or constant screen time. On Reddit threads like r/options and r/financialindependence, users often share anecdotal wins and losses, trading screenshots, or quick takes on 'what worked this week.' The sentiment is usually split between curiosity and skepticism. Many first-time traders express frustration over not knowing when to enter or exit a position. Others cite timing errors or poor options contract selection as barriers to consistency. In the YouTube and podcast world, creators are experimenting with weekly trade challenges, documenting their attempts to turn $500 into $1,000 in a few days using expiration-based setups. While some have posted occasional gains, few offer the structure or repeatability needed to scale the results. Comment sections are filled with questions about risk exposure, contract types, and how to avoid being 'burned' by surprise reversals. Amid this cultural conversation, there's growing interest in trade systems that simplify execution. Investors are looking for frameworks that do more than just share watchlists or theory—they want straightforward instructions, delivered at the right moment, that take into account how the broader market is behaving. This is where Velocity Trader has captured attention. By focusing not on hype or momentum, but on a fixed weekly entry point and a known institutional pressure pattern, Velocity Trader stands apart from most of what's trending online. It doesn't ask members to decode charts, monitor alerts around the clock, or chase breakouts after the fact. Instead, it gives them a blueprint for action each Tuesday—with the goal of walking away by Friday with a clean exit. For traders exploring how to cut through the noise and build a structured, low-guesswork routine, you can view this week's featured trade briefings here and see what a research-first, rhythm-based system looks like in action. Who Might Gravitate Toward This Product in 2025 Not every investor is looking for long-term compounding or dividend yield. In 2025, a growing segment of the retail market is motivated by flexibility, precision, and the ability to navigate short windows of volatility. While no single system fits every profile, Velocity Trader has drawn interest from several distinct types of market participants. Many subscribers come from professional backgrounds where time is limited. They're business owners, engineers, lawyers, and consultants—individuals who don't have hours to spend analyzing charts or watching CNBC, but still want a method to participate in market gains. The appeal lies in a process that can be executed in minutes on a lunch break or between client meetings, without the need for daily supervision. Another group includes retirees and pre-retirees aiming to build supplemental income without depleting their savings. For them, the idea of holding long-term positions through downturns can feel increasingly risky. The ability to target short-term setups—while using only capital they're comfortable putting to work—offers a sense of control and rhythm. Fink's strategy has also resonated with financially curious learners—people who may have dabbled in stocks or ETFs before, but never ventured into options. The educational aspect of Velocity Trader, particularly the weekly trade rationale videos and the eight-part foundational seminar, gives these users a sense of clarity. They're not just getting alerts—they're learning how a strategy fits together. It's worth emphasizing that this isn't a program designed for aggressive speculation or guaranteed results. Investors who gravitate toward Velocity Trader are typically those seeking structure. They value consistency over hype, and they prefer a rules-based system to intuition or social media-driven trends. They understand that no system is perfect, but they're looking for a way to remove guesswork from the equation. Those exploring whether a structured, weekly system aligns with their goals can visit the official Velocity Trader site to see how the alerts, schedule, and trade philosophy are delivered in practice. Market Category Reflections – Why This Niche Is Expanding In the ever-evolving world of personal finance, one category that has seen sharp growth is the niche of structured short-term trading systems. This expansion is driven by a combination of shifting investor expectations, widespread access to digital brokerages, and a broader skepticism toward long-horizon strategies that often fail to deliver during economic downturns. Historically, short-term trading was reserved for professionals with Bloomberg terminals and direct exchange access. But over the past five years, retail platforms have unlocked access to tools once limited to institutional desks. As a result, more investors are seeking frameworks that leverage this access while reducing exposure to constant volatility. Options contracts—especially weekly expirations—now provide a tactical entry point for traders who want flexibility without a full-time commitment. The emergence of market anomalies around Friday expirations has also drawn attention. Dozens of independent research threads, forum posts, and academic whitepapers have noted that certain equities exhibit unusual movement during the week's final sessions. Whether the result of institutional hedging or options contract pressure, the visibility of these patterns has opened the door for systems that can identify and act on them—like the one used by Velocity Trader. In parallel, key phrases such as 'weekly income strategies,' 'options trading for part-timers,' and '3-day trade opportunities' are climbing in Google search rankings. This suggests a strong and growing interest in approaches that favor agility over accumulation, and responsiveness over passive positioning. As financial content creation grows on platforms like YouTube, Substack, and podcasting networks, more attention is being paid to strategy-based systems with defined rules. Programs like Velocity Trader offer a counterbalance to personality-driven investing advice—emphasizing process over personal brand, and execution over commentary. For those watching the expansion of this niche closely, it's clear that the market is maturing. Structured short-term systems are no longer fringe—they are becoming a defined category within the broader trading landscape. To see how one such system operates in real-time, you can view the full Velocity Trader alert framework here and explore the research principles behind its weekly timing approach. Public Debate – Supporters, Skeptics, and the Signals Behind the Buzz Any strategy that challenges conventional investing wisdom is bound to generate debate—and Velocity Trader is no exception. As news of Jim Fink's 97.62% historical win rate continues to circulate among traders and analysts, the public conversation around weekly options systems has become increasingly vocal. Supporters point to Fink's track record as a rare example of consistency in an unpredictable environment. They appreciate the system's structure: two trades a week, placed at the same time, with a defined logic tied to options expiration pressure. To many, this rhythm offers a sense of control in a market otherwise driven by noise, volatility, and unexpected macroeconomic headlines. Others view the system with skepticism, not because of the results, but because of how unusual the premise is. The idea that price movements may be partially driven by the institutional structure of options contracts—rather than earnings, sentiment, or news—is a provocative assertion. Some financial professionals argue that these patterns may be coincidental, or that they could disappear over time if too many traders begin to exploit them. Still, a growing segment of independent analysts and forum contributors are beginning to document and validate the existence of weekly price compression near expiration. Some refer to it as 'max pain theory,' while others point to institutional hedging behavior as the cause. Regardless of the term used, there is increasing consensus that a subset of short-term price moves are not as random as they once seemed. Meanwhile, in private groups and member communities, Fink's followers continue to post their feedback—sometimes cautiously optimistic, other times enthusiastically supportive. While the system does not promise results, its appeal lies in how it reframes the market itself: not as a chaotic ecosystem to be predicted, but as a series of engineered conditions to be tracked and reacted to. For a deeper look at how this conversation is unfolding and what makes the Velocity Trader system different from other weekly alert services, explore the official breakdown here and see how the strategy is designed to adapt—not predict. About Jim Fink Investing Jim Fink Investing is a research-first platform focused on helping self-directed traders explore time-efficient options strategies grounded in institutional market patterns. The company's flagship service, Velocity Trader, was created to offer structure, transparency, and accessibility to individuals interested in participating in short-term opportunities without requiring constant screen time or advanced trading knowledge. Founded on the belief that market behavior often reflects engineered systems rather than randomness, Jim Fink's methodology emphasizes consistency over speculation. His work centers on identifying repeatable patterns tied to options expiration events—particularly those that occur during weekly Friday settlement cycles. While the strategy does not promise specific results and carries risk like all forms of investing, it offers a framework built around repeatable entry timing, clear trade rationale, and defined trade durations. Education plays a key role in the brand's identity. Velocity Trader members receive access to video briefings, simplified trade instructions, and a full training curriculum designed to demystify the options process. These tools are crafted to empower both new and experienced traders who want to take a structured approach to short-horizon positioning. The company does not manage client funds or provide individualized investment advice. Instead, it operates as a publishing and research organization, offering analysis, tools, and timely alerts for those interested in applying the strategy independently. To learn more about the platform's approach to rhythm-based trading and its commitment to educational access, visit the official Velocity Trader site here for additional details. Contact Jim Fink Investing – Velocity Trader Email: [email protected] [email protected] Phone: (202) 978‑3606 (202) 978‑3606 Website: Disclaimer This press release is for informational purposes only. The content herein does not constitute financial, legal, or medical advice. Velocity Trader is not intended to diagnose, treat, predict, or guarantee any result or outcome. Individual experiences may vary, and outcomes are not assured. Some links in this release may be promotional in nature and may lead to third-party websites. The publisher or author may receive compensation through affiliate commissions if a purchase is made through these links. This compensation does not affect the price you pay and helps support continued research and content publication. All statements made about product features, platform strategies, or training content reflect publicly available information, user discussions, or historical trends, and are not endorsed or validated by regulatory bodies. Please perform your own research before making financial, technological, or purchasing decisions. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Yahoo
2 hours ago
- Yahoo
12 Southern Cities Where Rent Costs 30% or Less of a Middle-Class Income
We don't hear quite as much about the 30% rule now as we used to, but it's still a recommended way of financial planning. The rule is simple: Spend no more than 30% of your monthly income on your mortgage or rent payments. Simple, yes, but attainable? Not for most in a climate of soaring rent prices. A 2024 Redfin study found that more than 20% of Americans are spending 100% of their paychecks on rent. Find Out: Read Next: It's not doable for everybody in every U.S. city, but there are some cities where locals in the bottom percentile of middle-class earners can get away with spending 30% or less of their income on rent. The South, generally more affordable than most other U.S. regions, has an abundance of options. In a new study, GOBankingRates analyzed cities in the South to find those where rent costs less than 30% of the minimum household income required to be middle class. Take a look at the top 12, where the middle class holds onto the most money post-rent. 12. Cinco Ranch, Texas Average rent, monthly: $2,040 Average rent, annually: $24,482 Minimum middle-class income, annually: $104,930 30% of the minimum middle-class income: $31,479 Leftover savings after 30% income pays rent: $6,997 Explore More: 11. Madison, Alabama Average rent, monthly: $1,599 Average rent, annually: $19,184 Minimum middle-class income, annually: $87,624 30% of the minimum middle-class income: $26,287 Leftover savings after 30% income pays rent: $7,103 10. New Market, Maryland Average rent, monthly: $2,708 Average rent, annually: $32,493 Minimum middle-class income, annually: $132,053 30% of the minimum middle-class income: $39,616 Leftover savings after 30% income pays rent: $7,123 9. Fulshear, Texas Average rent, monthly: $2,341 Average rent, annually: $28,094 Minimum middle-class income, annually: $118,932 30% of the minimum middle-class income: $35,680 Leftover savings after 30% income pays rent: $7,586 8. Great Falls, Virginia Average rent, monthly: $3,488 Average rent, annually: $41,850 Minimum middle-class income, annually: $166,667 30% of the minimum middle-class income: $50,000 Leftover savings after 30% income pays rent: $8,150 7. Fort Washington, Maryland Average rent, monthly: $1,708 Average rent, annually: $20,497 Minimum middle-class income, annually: $97,295 30% of the minimum middle-class income: $29,188 Leftover savings after 30% income pays rent: $8,692 6. Hudson Oaks, Texas Average rent, monthly: $1,581 Average rent, annually: $18,968 Minimum middle-class income, annually: $92,333 30% of the minimum middle-class income: $27,700 Leftover savings after 30% income pays rent: $8,732 5. Prosper, Texas Average rent, monthly: $2,250 Average rent, annually: $27,004 Minimum middle-class income, annually: $125,069 30% of the minimum middle-class income: $37,521 Leftover savings after 30% income pays rent: $10,516 4. Keller, Texas Average rent, monthly: $1,972 Average rent, annually: $23,660 Minimum middle-class income, annually: $115,103 30% of the minimum middle-class income: $34,531 Leftover savings after 30% income pays rent: $10,871 3. Bellaire, Texas Average rent, monthly: $2,767 Average rent, annually: $33,199 Minimum middle-class income, annually: $157,541 30% of the minimum middle-class income: $47,262 Leftover savings after 30% income pays rent: $14,064 2. Chevy Chase, Maryland Average rent, monthly: $2,843 Average rent, annually: $34,113 Minimum middle-class income, annually: $166,667 30% of the minimum middle-class income: $50,000 Leftover savings after 30% income pays rent: $15,887 1. McLean, Virginia Average rent, monthly: $2,800 Average rent, annually: $33,601 Minimum middle-class income, annually: $166,667 30% of the minimum middle-class income: $50,000 Leftover savings after 30% income pays rent: $16,399 Methodology: For this study, GOBankingRates analyzed cities in the Southern U.S. to find the cities where rent costs less than 30% of the middle-class household income. The average rent cost was sourced from Zillow Observed Rental Index for June 2025. Pew Research Center defines middle-class income as two-thirds to double the median household income. Using the U.S. Census American Community Survey the median household income for cities was sourced and used to calculate the middle-class income range. Using the finance rule that states that housing costs should cost under 30% of household income, the minimum middle-class income threshold was used to calculate the average 30% of household income in each city. The cities with leftover savings after 30% of income covers all of the rent were kept for this study. The cost of living indexes were sourced from Sperling's BestPlaces. Using the average expenditure costs for all households, as sourced from Bureau of Labor Statistics Consumer Expenditure Survey for all households, the average expenditure costs can be calculated for each city. Using the average expenditure costs and rental costs, the average total cost of living for renters was calculated for each city. The livability index was sourced from AreaVibes and included as supplemental information. The cities were sorted to show the largest leftover savings after 30% of household income covers the cost of rent. All data was collected on and is up to date as of July 22, 2025. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Hybrid Vehicles To Stay Away From in Retirement 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 12 Southern Cities Where Rent Costs 30% or Less of a Middle-Class Income Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
2 hours ago
- USA Today
Which states have rising electricity costs? See map
Americans are paying more for electricity this summer thanks to a combination of extreme temperatures and the expansion of power-hungry data centers needed to support the surge in artificial intelligence usage. Power demand from data centers in the U.S. is expected to nearly triple over the next three years, consuming as much as 12% of the country's electricity, according to a Department of Energy-backed study, as reported by Reuters. How will this influx in energy demand impact residential electricity bills? Here's what we know about the change in electricity prices for the average consumer: Which states are paying more for electricity? Between May 2024 and May 2025, the average retail residential price for 1 kilowatt-hour of electricity increased about 6.5%, according to the most recent available data from the U.S. Energy Information Administration (EIA). Electricity costs can vary due to energy rates, taxes, and utility fees in your area. A report from Choose Energy, an energy broker, has identified which states are facing higher electricity prices this year. Residents in Idaho currently pay the cheapest residential electricity rates in the country at 11.88 cents per kWh, while Hawaii's residents pay the highest electricity rates at 41.03 cents per kWh. What is causing electricity prices to increase? Many factors influence the price of electricity, including infrastructure costs, fuel prices, weather conditions, record-high temperatures and the balance of supply and demand, according to the EIA. On July 28 from 7 to 8 p.m. ET, Americans consumed 758,149 megawatt-hours of electricity – a new national record, according to EIA. The extraordinary demand for power resulted from large, densely populated areas of the U.S. experiencing a slow-moving 'heat dome,' which trapped high temperatures and humidity for days at a time, as previously reported by USA TODAY. In addition to the extreme weather causing an overall increase in residential electricity consumption, the demand from artificial intelligence data centers has also been linked to rising electricity bills in some areas. A recent report from The Washington Post found that some customers in areas serviced by PJM Interconnection, which coordinates the movement of wholesale electricity in all or part of 13 states (Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia) and the District of Columbia, have seen their electricity bills increase because of data centers. Electricity bills for some consumers in New Jersey have increased by 20% and in Ohio, prices rose between 10% and 15%. Read more about the pros and cons of data centers: Worst regions for clean energy: Are US data centers fueling climate change? Data centers are on the rise in AZ: Are they a good idea in the desert? CONTRIBUTING: Terry Collins, Trevor Hughes, USA TODAY, Sarah Lapidus, Sasha Hupka, Arizona Republic
