Rising inflation and high fuel demand mean most Americans will see big increases this year on their winter heat bills, The U.S. Department of Energy warned in a report released Wednesday.
About half of American households rely on natural gas for heating, and they will pay about 30 percent more for heating than last year – and probably 50 percent more if winter is 10 percent colder than expected. That means the average family dependent on natural gas to stay warm this winter will spend 74 746 between October and March, up from about 70 570 last year. Heated homes with propane or heating oil, which accounts for about 9 percent of the U.S., will see costs increase by more than 40 percent, while homes heated with electricity can expect a slight increase of about 6 percent over last year.
“Rising prices on many consumer goods and commodity prices could put pressure on Americans at many income levels. Economists warn that larger utility bills are likely to affect households still stuck by the Covid-1 epidemic,” the report said. The Wall Street Journal.
The sharp rise in expected home-heating costs is partly due to lower-than-normal prices last year, as the epidemic reduced demand for all types of fuel by 2020 and prices fell accordingly. But upcoming winter forecasts expect prices to stay above their 2019 baseline:
Fuel consumption is one of the reasons behind the stubbornly high level of inflation at the moment. The monthly report of the Consumer Price Index on Wednesday found that inflation was 5.4 per cent year-on-year, while energy prices were more than 24 per cent in the last 12 months.
Break: Inflation rose 5.4% in September last year – the highest rate in 13 years.
Prices rose 0.4% in September, up from 0.3% in August
Gas, food and commodities are the main drivers of inflation. The price of used cars has come down a bit but is 24% higher than last year. pic.twitter.com/8cN1eHaBvQ
– HeatherLong (@byHeatherLong) October 13, 2021
High energy prices are a global problem at the moment. In Europe, petrol prices have risen in recent months and energy prices as a whole have risen – although part of the problem is a complex price plan imposed by the European Union that disrupts price signals to consumers. Financial times Comments. The entire Lebanese country was without electricity last weekend because the state-run electricity grid was temporarily broken.
Ann Bradbury, CEO of the American Exploration and Production Council, a trade body representing energy companies, said in a statement that the situation in Europe should be a warning to the Biden administration as it considers plans for higher taxes and new rules that will only increase energy prices. “By pursuing a policy that limits supply and makes it difficult to produce oil and natural gas here in the United States, Americans will have to pay more for their energy,” he said.
There is a lot of speculation that the current levels of inflation are actually calculating what is happening in the economy now. The so-called shadow inflation is happening in a way that may not be reflected in the consumer price index-instead of raising prices, for example, some businesses may shut down services or take longer to complete tasks.
“The 2021 version of many services is not the same as the 2019 version. But statisticians have treated them the same way, although some of them have gone dramatically worse because they don’t have a hard way to measure how much they’ve gotten worse,” said Alan Cole, a former senior economist at the Congressional Joint Economic Committee. Wrote Full Stack Economics The newsletter “has resulted in excess inflation to an unapproved standard: instead of paying more for the same thing in many places, you pay the same for something less than before.”
Shadow inflation in the energy sector can’t really happen, so Americans are experiencing rising prices. Now, we face an expensive winter. Even without any additional burden from federal policymakers who raise prices or crime supplies, fuel prices serve as a clear reminder that rising inflation – which could last longer than anyone here – has serious consequences for almost everyone.
Field Trip, a Canadian startup, is betting that more Americans will be willing to use psychotherapy with drugs like MDMA and psilocybin. The company operates clinics in Los Angeles, New York City and Toronto, but has ambitious plans to open 75 more locations over the next three years. Vox Report:
Although ketamine prescribed by a doctor is legal, the Drug Enforcement Agency (DEA) lists psychedelics such as psilocybin and MDMA in Schedule 1 of the Controlled Substances Act, which states that they have no medical value and are highly likely to be abused. But there is also growing evidence that psychedelics can lead to game-changing medications and, when combined with conventional therapy, can help people who are not seeing results through the treatments currently available. Several U.S. cities have already decriminalized cyclocyanine, the active ingredient in magic mushrooms, and the Food and Drug Administration (FDA) is overseeing clinical trials using PTSD and psychedelics to treat depression.
This potentially revolutionary approach to mental health represents an extraordinary commercial opportunity for healthcare and pharmaceutical companies. But despite the promise of privately funded education in psychedelics, current government regulations prevent the widespread availability of psychedelic therapy.
And reading BecauseNick Gillespie talks about how the slow-rolling legalization of MDMA and other psychedelic drugs is creating opportunities for investors and those who want to expand their outlook.
There is no easy solution to the problem plaguing the supply chain at the moment, but the Jones Act is only making things worse:
Millions of pounds of Alaskan seafood have been stuck in Canada for weeks, thanks to the Jones Act. But a federal judge on Sunday said the supply chain could be restored. https://t.co/0gkLh4AwR9
– Veronica de Rugi (roveroderugy) October 12, 2021
The Modern Food and Drug Administration will vote Thursday on whether to recommend emergency approval for the Covid-1 boo booster shot for people receiving the modern vaccine. A vote on the Johnson & Johnson vaccine booster is expected on Friday.
• Katie Coryk admits she’s a hack.
• Former President Donald Trump has a bold strategy for the 2022 and 2024 elections:
Trump is now urging Republicans not to vote – if he announces that “Republicans will not vote in ’22 or ‘2 in” unless his electoral fraud is “solved.” He helped Republicans lose two Georgia Senate seats in January. Now he seems ready to try again in the meantime. pic.twitter.com/ARBnsfwmzJ
– Jonathan Carl (on JohnCarl) October 13, 2021
Czech voters defeat the people’s representatives.
Playing video games is not related to loss of personal well-being:
We studied the game play and welfare of 38k players in six popular titles in six weeks. https://t.co/Td54rpxJ8r [1/7] pic.twitter.com/EwgLdHKkYi
– Matti Vuorre (uvuorre) October 11, 2021
F NFL coach John Gruden’s emailed homophobic comments could lead to more shoes falling off after the shooting. The NFL Players Union is asking the league to release more than 550,000 emails collected during the workplace misconduct investigation.
Captain Kirk went into space yesterday and was deeply inspired by the experience.
• Nokia will republish its classic “brick” cellphone in honor of the device’s 20th anniversary. Yours probably still works.