In Europe, natural gas prices have skyrocketed much further, setting new all-time highs. (Photo by Win McNamee/Getty Images) Win McNamee/Getty Imagesĭemocrats' cornerstone climate policy will likely be cut from sweeping economic package Senate Democrats and Republicans have reached a deal that will temporarily raise the debt ceiling through early December. Joe Manchin (D-WV) leaves a Democratic luncheon at the U.S. Natural gas prices have surged to levels unseen since 2008, leading the US Energy Information Administration to warn of sharply higher home heating costs this winter.Ĭhina is also dealing with a power shortage that has led to blackouts and shuttered factories. It’s not just gasoline prices creating angst right now. National gas prices spike – especially in Europe The energy crunch, along with a supply chain nightmare around the world, threatens to keep inflation elevated for months to come. Consumer prices surged by 5.4% in September, tied for the fastest 12-month pace since 2008. $3.30 gas is only amplifying inflationary fears rippling across the United States. “You stand there and watch the LED screen add up every dollar,” said Ed Mills, Washington policy analyst at Raymond James. More than perhaps any other good or service, consumers view gas prices as a proxy for the cost of living. “If you’re the quarterback and the team isn’t doing well, you get a disproportionate amount of the blame, whether you deserve it or not.” “You can argue this isn’t Biden’s fault, but he’s the president,” said Valliere. Gas prices skyrocket as the global energy crisis worsens Photographer: Kyle Grillot/Bloomberg via Getty Images Kyle Grillot/Bloomberg/Getty Images Oil dipped after a two-day gain as investors assessed the demand outlook amid a resurgence of Covid-19 in many regions. Gas averaged just $2.17 a gallon a year ago, a time when fewer people were driving, flying and commuting.Īmericans despise high gas prices, and – fair or not – tend to blame them on whoever is in the White House.Īn oil pump jack operates at the Inglewood Oil Field in Culver City, California, U.S., on Sunday, July 11, 2021. Regular gas now fetches a seven-year high of $3.32 a gallon nationally, up 5 cents in a week, according to AAA. “Most people agree with the goals, but their good intentions tend to fade when they look for something to blame.” “There’s a genuine threat of a backlash against the green movement,” said Greg Valliere, chief US policy strategist at AGF Investments. Republicans have argued moving too quickly will raise costs even higher on Americans and needlessly kill jobs. Yet the path to that ambitious target is made more challenging by high oil, natural gas, gasoline and even coal prices. And that’s a problem for the White House because President Joe Biden ran on the most aggressive climate agenda in US history and has set a goal of carbon-free electricity by 2035. The risk for Democrats is that high energy prices – and America’s biggest inflation scare in at least a dozen years – makes voters suspicious of efforts aimed at ridding the world of fossil fuels. The global energy crisis shows how reliant the world is on fossil fuels – and muddies the case for aggressive climate action. Breathtaking natural gas price spikes in Europe.
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