Friday, August 19, 2022

"Worst Energy Crisis In US History Sparks 525% Price Spike As Supplies Hit Alarmingly Low Levels"

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"Worst Energy Crisis In US History Sparks 
525% Price Spike As Supplies Hit Alarmingly Low Levels"
by Epic Economist

"U.S. consumers and businesses are feeling the impacts of the worsening energy supply chain crisis that has caused gas prices to nearly double, diesel prices to climb over 60%, natural gas prices to increase five-fold, and led to some of the most expensive electricity bills on record. Energy supplies are shrinking at an alarming pace in every corner of the country, and recent capacity losses are already causing extensive power outages, fuel shortages and pushing millions of people into energy poverty, with about a quarter of Americans saying that they have reduced or gone without basic expenses - including food and medicine - in order to pay for energy supplies over the last year. That’s what we’re going to expose today, but before moving on, please support us by leaving a thumbs up and subscribing to our channel so you don’t miss our upcoming videos!

The devastating drought that’s been covering large swathes of America is causing water supplies to shrink and drastically reducing the country’s hydropower capacity. Now, the nation’s power grid is mostly relying on coal and natural gas supplies to produce electricity. But this week, natural gas prices in the U.S. have skyrocketed to levels unseen since 2008. Not only is natural gas one of the main fuel sources for the electric grid, but it's also the most popular way to heat homes in America. So even as temperatures drop in the months ahead, families will experience some serious sticker shock and face some of the most expensive energy bills ever recorded. Unfortunately, higher prices are not equal to better service. In fact, reliability on the nation’s aging electric grid is at an all-time low.

Considering the challenges facing the nation’s grid, as well as extreme weather conditions and growing electricity use, the U.S. is not being able to produce enough power supplies to meet consumers’ and businesses’ demand this summer. At the same time, 24% of Americans are facing energy poverty as costs continue to soar. A new energy industry survey conducted by SaveOnEnergy found that 85% of homeowners saw price increases in at least one utility bill with electricity being the most reported increase. Meanwhile, supplies of distillate fuels have been steadily collapsing, driving diesel prices to historic highs and exacerbating the financial pain of U.S. consumers, farmers, industry leaders, and truckers. The price of diesel fuel has skyrocketed in recent months - much more even than regular gasoline. Distillate fuels are the lifeblood of the U.S. industry, and the accelerating shortage indicates that the economy is set to hit hard capacity constraints in the short term.

“People pay less attention to diesel prices because people aren’t going to the pump and using it,” explained Matt Smith, lead oil analyst at Kpler, a research firm.“But diesel has a more far-reaching impact and is already having a real big impact across the economy,” he stressed. “There will be more logistical shortages,” said Phil Verleger, a longtime energy economist. “Americans will find more empty shelves and higher prices,” he warned. Ultimately, consumers are left bearing the burden, and they are getting increasingly frustrated with the repercussions of the current energy supply chain crisis. It's safe to say that conditions will become even more extreme in the months ahead, and the disruptions caused by the ongoing energy supply shortage will continue to wreak havoc all across the nation. An apocalyptic energy crisis is forming, and the U.S. will be thrown into disarray once extensive supply interruptions start to become critical to every sector of the economy."

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