Power Bills Predicted to Jump up to 54 Percent this Winter
The first major snowstorm hit the Rocky Mountains north into Montana, leaving from a foot up to 28 inches of snow, closing highways and delaying travelers. The cold weather is bad news for people’s heating bill. The Associated Press reports that the government expects heating bills to be up to 54 percent higher this year than last. The 54 percent increases is expected to hit people who heat with propane, followed by heating oil (a 43 percent increase) and natural gas (30 percent). Those who rely on electricity will see the smallest increase, below 10 percent.
CPI Shows 5.4 Percent Inflation
Let’s keep in mind that these numbers are artificially low compared to the way CPI was calculated 40 years ago. So inflation is probably closer to 7 to 10 percent higher. Either way, it’s going to get worse. For a myriad of problems. This article gives the annual increase in a rage of items so you can see why inflation feels higher than 5.4 percent.
Power outages used to be something other countries had, or they were caused by a storm. This winter, we may be facing heat and power outages due bad policy decisions.
There’s a good chance that electricity in Afghanistan will be shut off soon because the country owes its suppliers tens of millions of dollars and the Taliban has not paid the bill. (To no one’s surprise, administering a government is not the Taliban’s strong suit.)
In Lebanon, power went out around noon Saturday and the country-wide blackout is expected to last several days. The problem? No fuel. This is just the latest in a series of power outages caused by fuel shortage and local currency problems. They predicted it will be one of the longest the country has experienced. The fuel shortage is so bad that even individuals and businesses lucky enough to have a generator can’t find duel.
Continue reading “Power Outages; They’re Not just for the Third World Anymore”
Natural gas shortages in the UK and Europe and coal shortages in China are not local events. They are going to drive up energy prices in the U.S.
I hope you live in a state where the amount your utility companies can charge you is controlled by a state commission because it could delay the inevitable rising price you will pay for gas and electricity.
If you have a long commute by car or a job that keeps you on the road, it’s time to get another job, a more efficient car, or become a remote worker. The cost of oil is heading upwards, and you are going to feel that at the gas pump pretty soon. We are entering one of those periods where every week the price is higher than the last time.
We are in the early stages of those rare moments when you can see inflation happening right in front of your eyes. It’s going to very visible for gasoline, energy, and food, but everything will be more expensive in six months than it is today.
Continue reading “Hold on Folks, Energy Prices are Going to Soar”
It’s a Global Energy Crisis Flashback
Just like we’re experiencing inflation at rates last seen in the 1970s, it appears that the world is experiencing a global energy crisis as well. This Reuters column reports that natural gas futures are up 140 percent in the U.S., more than 500 percent in Europe and 600 percent in parts of Asia. If only president Biden hadn’t tried to shut down the oil and gas industry here in the U.S. we’d probably have more jobs and lower prices for coal, natural gas, oil, and all their derivative products.
Container Ship Backlog Sets New Record
If you thought the number of container ships waiting to off load in California was bad, wait until yo see the number of ships in China waiting to be loaded. According to freightwaves.com, more than 150 ships were waiting to load as of last Friday. That points to multiple points of failure in the supply chain.
The Supply Chain is Buckling Globally
Rabobank, courtesy of ZeroHedge, has done a better job than I in connecting the dots and confirming that the supply chain is collapsing, our leaders are going bonkers, and the result will be no fun for anyone.