Americans brace for utility bill sticker shock


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Henry Hub Natural Gas spot prices up more than 128% this year

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Americans are poised for gas and utility bills that are likely to rise sharply as a perfect storm hits the United States.

Severe weather from Hurricane Ida and Tropical Storm Nicolas is complicating an already-watered US energy policy that will leave consumers paying a huge bill to drive and stay warm or cool.

anchor the protection The last Change Change %
UGA United States Gasoline Fund LP Partnership Units 37.20 -0.58 -1.54%

Those billions will be built on the backs of hardworking Americans who will see more of their money stashed away in gas tanks and with their winter heating bills. Gasoline prices are at $3.18 a gallon, about $1 a gallon higher since President Joe Biden took office.

Consumer prices up 5.3% in August

anchor the protection The last Change Change %
Spoiled United States Natural Gas Fund LP Unit (Post Rev Split) 18.47 -0.59 -3.12%
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Democrats plan to raise tax rates by as much as 60% for some

Henry Hub Natural Gas spot prices, tracked by Macrotrends, are up more than 128% annually.

Electricity and utility gas prices were up 5.2% and 21.1%, respectively, over the past 12 months in August, according to a Wall Street Journal report. Goldman Sachs is urging users of natural gas to protect themselves in the face of massive price increases. Higher energy costs are bleeding into inflation and some analysts predict gas prices could double this winter if US production doesn’t increase and global demand remains high.

anchor the protection The last Change Change %
XLE Energy Select Sector SPDR ETF 49.59 -0.65 -1.29%

While Biden is trying to boost green energy investment and discourage investment in US fossil fuels, the International Energy Agency (IEA) is warning that “weak investments” in oil projects are “already stifling global supply.” has been” and is in the season of a devastating hurricane. Has reduced supply and made production offline.

This is driving up inflation and putting pressure on the poor and middle class in America, not to mention the impact on small businesses. Biden’s energy policy is proving to be one of the largest transfers of wealth from the poor and middle class and into the hands of the “Big Green” that the country has ever seen. The same companies would make billions while attempting to remake the American energy industry.

Our European neighbors are already taking the plunge. The wholesale price of European natural gas is reportedly worth $150 a barrel of crude oil, higher than the highest ever crude oil price.

anchor the protection The last Change Change %
Use United States Oil Fund LP 50.42 -0.27 -0.53%
bno United Sts Brent Oil FD LP Unit 19.62 -0.09 -0.46%

Electricity prices in the UK alone hit an all-time high of $490 per megawatt-hour this week, a 700% increase from the 2010 to 2020 average, according to data from Bloomberg. Germany’s electricity benchmark also doubled this year. According to Bloomberg, the 12.3% increase was the biggest since 1974 and contributed to the highest inflation reading since 1993.

The short-sightedness to run out of fossil fuels has already caused a crisis in Europe. The Wall Street Journal points out that Europe’s anti-carbon policies have created this fossil-fuel shortage. These governments have heavily subsidized renewable energy such as wind and solar and closed coal plants to meet their commitments under the Paris climate agreement. But as wind power has flagged this summer, countries are scrambling to import more fossil fuels to power their grids. Because of that, there is a shortage of natural gas in Europe and prices are going down the ceiling. There are real concerns that they will have enough gas to keep Europeans warm this winter.

Meanwhile, China is benefiting from taking advantage of the global carbon push, seeing it as an opportunity to ensure that as the world moves to a greener one, they secure more global supplies. Not only are they bargaining heavily in black market Iranian crude, they are now investing heavily to rebuild their oil and gas reserves in Venezuela, one of the largest in the world. Russia is also refusing to accept requests for deep carbon emissions cuts sought by the Biden administration as they try to secure reliable supplies of oil and natural gas.

The US and Europe may be trying to go green, but China will never take its fair share of the burden of the green energy agenda. They will take advantage of America’s and Europe’s energy plans and become economically strong while America and Europe will become weak.

Read more about Granthshala Business by clicking here

Phil Flynn is a senior energy analyst and Granthshala Business Network contributor at Price Futures Group. He is one of the world’s leading market analysts, providing individual investors, professional traders and institutions with up-to-the-minute investment and risk management insights into the global petroleum, gasoline and energy markets. His accurate and timely forecasts have become highly sought after by industry and media around the world and his impressive career spans nearly three decades, gaining attention with his market calls and energetic personality as the author of The Energy Report. . You can contact Phil by phone at (888) 264-5665 or by email [email protected]

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