Not what consumers want to hear is an increase in power costs come july 1st following the news last week associated with rising threats of rolling blackouts across half of the US.
Limited supplies of natural gas, primitive, and coal have pushed up residential electricity prices this year. A nationwide climate outlook for this summer predictions extreme heat — all of this will force households in order to crank up their air circumstances, resulting in oversized power need that could stress national grids.
Bloomberg cites new data from Barclays Plc that says month-to-month power bills could be 40% more than last year’s. The US Energy Information Administration needs retail residential electricity prices to increase the most since 2008.
Information from the US Bureau of Labor Statistics shows Ohio households spent 38% more on energy in April than a year ago. Power costs in the state have jumped due to the rising price of natgas.
“ Our own continued overreliance on gasoline only sets us on with these burdensome and needless rate increases.
“ This business model is unsustainable, and it’s hurting people, ” said Natalia Brown of Catalyst Miami, a nonprofit consumer advocacy group.
Besides Miami, parts of Hawaii, Dallas, Minneapolis, Boston, Philadelphia, New York, and San Francisco documented the highest increases in store electricity costs last month.
Barclays analyst Srinjoy Banerjee said the regular residential power bills averaged $122 in April. He or she pointed out that power bills can raise another $49 because of natgas prices soaring over $8 per million Uk thermal units.
Consumers can’t escape the inflation storm that will only suggests a summertime of hell is ahead. Gasoline and diesel prices are in a record, food prices are screaming higher, homes and cars are unaffordable, and real wage growth will be negative.
Banerjee said the pumpiing burden “ disproportionately falls on lower-income groups. ”
Within California, higher costs just for electricity and less reliable electric grids mean customers will pay on average 25% more this summer, according to Cisco DeVries, chief executive officer of OhmConnect Incorporation., which helps households cut costs by remotely adjusting thermostats.
The cost of everything is rising and it has pushed consumers to the brink. Many have maxed out credit cards and drained critical cost savings to survive this terrible economic backdrop of what appears to be stagflation which could quickly change into a Federal Reserve-induced recession due to aggressive interest rate hikes.
Some Americans could get a nasty dose of high inflation and power power shutdowns, similar to life in Venezuela.
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