The supply situation in Europe is so bad that policymakers are basically praying for a warm winter, lessening demand for heating. Here in the U.S., things aren't quite as dire, but the market is still tight. The price of our benchmark gas has more than doubled from last year's lows, to about $4.60 per million BTUs. But that's still equivalent to about $16 per megawatt hour, if my math is right, which is much lower than what Europe is currently facing.
Even if our nat gas doesn't spike any further, the upward pressure could persist until or unless a huge amount of supply comes online. So, on top of everything else causing supply chain disruptions and cost spikes, this will be yet another headache for the Fed and the Biden administration. Ironically, high energy bills are typically a big catalyst for adoption of cheaper, cleaner alternatives, like solar. It's exactly what policymakers want, in the long run.
It’s all planned lol 😂
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Look at the current President and tell me one thing that has not spiked?
Good thing I put in a new HVAC and windows this year. My cooling bill is already down and I keep the house cooler. Hopefully my heating bill will reflect this investment as well.
KellyCNBC - your article captures the issue well. A commodity that had been cheap is now a lot more expensive. Shale boom to bust plus anti-fossil fuel investor sentiment having an impact. Decarbonization is far from free…with the costs coming well ahead of the benefits.