Experts Warn Tripling Fuel Prices in Past 18 Months is ‘Looming Energy Crisis’ Heading into Winter

Gas prices skyrocket as the global energy crisis worsens

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Fuel prices

Another crisis could be looming just under the surface, creating a long, cold and pricey winter. One year ago, the national average price for a gallon of regular unleaded gasoline was $2.18; now it is at an eight-year high of $3.27. Some states such as California average $4.44 and certain counties are hitting averages of $4.65.

Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets says “we are facing a looming energy crisis as we head into what could be a cold winter.” With gas prices more than tripling in the last 18 months, experts expect it to continue to go higher.

Fortune writes the average that was $1.09 less for a gallon of unleaded a year ago was “when most people were long past the stay-at-home orders of the pandemic. And it’s a 10-cent increase over a month ago.”

Crude oil prices are also exploding, “recently topping $80 for the first time in eight years” reports Fortune. “An energy crisis in Europe and Asia is driving those increases, but rising demand for gas in the U.S. is playing a role too. Crude oil supplies are also constricted, which is affecting prices as well” adds Fortune.

As a result, the “perfect storm of high demand and low supply is sending fuel prices through the roof. Driving your car is costing a lot more – and heating your home this winter could, too” reports CBS News.

The New York Department of Public Service has warned residents their heating bills could go up 21% from last year. A Chicago-area utility company is expecting bills to be 50% higher this winter.

6 Comments

  1. This inflation and shortage of oil has been planned by the dems for some years now. The dems with Soros, Gates, et al, want to sow chaos beginning this winter so the economy finally collapses and the gov’t will have no choice but to consume everything. America will be a marxist state by Demember 2022 which will totally please Biden and Soros in that they finally achieved their goal.

  2. Totally agree RogerUSA
    The grocery and parts shortages were also planned. Mayor Pete is totally unqualified to be transportation secretary! Ships stacking up outside our ports has been a DemoncRat plan as well.

  3. So happy the Biden Admin, with the help of the McConnell Republicans, canceled the pipeline and is doing more and more to support big oil and rising prices. All while screwing the working class.

  4. How can a president who has dementia and will not explain his actions to reporters, demand a Vax mandate for the country. If he cannot base it on science, it is madness.

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