Rising energy prices and new regulations are causing the cost of oil and natural gas to skyrocket since last January, with new data showing Americans will pay a lot more to heat their homes this winter.
“The surging costs have coincided with a robust recovery from the pandemic recession, with more homes and businesses burning all forms of fuel. That intensified demand is set to contribute to higher heating costs in many areas. Having enjoyed a extended period of low prices, consumers of natural gas are facing the burden of far more costly fuel — and the prospect of much more expensive heating bills this winter,” reports the Daytona Daily News.
“Consumers got used to very low prices last year, because with the pandemic everything was shut down,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association. “Now, everything’s coming back online, industry is returning and natural gas is being used again in very large quantities. And that’s pushing up the price.”
“Natural gas is a commodity bought and sold in a national deregulated market and prices fluctuate daily due to supply and demand pressures,” said another industry insider. “Supply and demand forces have been affecting the market price. While we can’t control the natural gas market or weather, customers can take steps that can assist in saving energy and money on their winter heating bills.”
Since President Biden’s Inauguration earlier this year, the price for a gallon of gasoline has risen from $2.20 to over $3.50 in many parts of the country.
Read the full report here.
CARTER PART II: Border Encounters Hit ‘New Monthly High’ as Inflation Hits Levels Not Seen in 28 Years
Two new reports released Thursday spell big trouble for the Biden administration as the number of “border encounters” and inflation each reach record highs.
“Border officials encountered the highest number of people seeking to cross the U.S.-Mexico border this year in May, with encounters hitting 180,034, up slightly from 178,854 in April,” reports the Hill.
— The Hill (@thehill) June 10, 2021
New data released by the Federal Government Thursday is raising more fears over massive spending with documents showing the rate of inflation rose at the fastest pace since 1993.
“The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years,” reports CNBC.
— jeroen blokland (@jsblokland) June 10, 2021
“It will be hot. It could be up to 5%,” said Diane Swonk, chief economist at Grant Thornton. “The worst of the heat is going to be the second quarter in terms of headline. It will be interesting to see what it looks like when you strip out the extremes. I think we’re still going to have a warm summer when you have surge pricing kicking in for everything from airfares to hotels.”
CARTER PART II: Gas Hits $7 A GALLON in Virginia, Drivers Wait Hours to Fill the Tank
A series of critical problems plagued the Biden campaign in recent days, reminding many Americans of the hardships during the late 1970s under President Jimmy Carter.
Significant issues include the threat of inflation, lower-than-expected job growth, tensions in the Middle East, and gas shortages following a cyberattack against a pivotal energy pipeline in the southeast.
Despite the pipeline re-opening late Wednesday night, thousands of stations throughout the southern United States remain without gasoline.
Gas prices in Virginia topped $7 a gallon in some places.
“His team no doubt was prepared to unleash Biden to perform a little victory dance at the White House celebrating the stupendous number. But the show had to be hastily revamped when the actual tally came in nearly three-quarters-of-a-million jobs lower than expected; just 266,000 jobs created and unemployment unexpectedly rising to 6.1%,” reports Fox News.
“Today, there is more evidence our economy is moving in the right direction,” Biden said. “This is progress. This is a testament to our new strategy,” he said. “We’ve got work to do, to state the obvious, we have work to do.”
“U.S. Customs and Border Protection revealed Tuesday that migrant encounters jumped yet again this past April: over 178,000 in all, nearly a tenfold increase from 2020 and still above levels seen in the 2019 surge at the Mexico border,” adds Fox.
Read the full report here.