A New Kind Of Economic Crash Could Be Emerging

As northern states prepare cooler temperatures in the coming fall, which will require natural gas-powered heating for many Americans’ homes, natural gas prices are having their turn at spiking. This is happening even though the national average for gas has fallen from its record-setting highs to still-chronically high prices — up more than $1.50 since Joe Biden took office.

This week, the price of natural gas reached and surpassed a 14-year high, temporarily topping $10 per mmBTU for the first time since the year 2008.

Before Joe Biden and his Administration can go about blaming someone, anything, or anyone for the rise in natural gas prices for Americans, the price has risen since Biden assumed office, reaching a decade-plus high. The price of natural gas per mmBTU has increased by around 370 percent over the last two years, more than tripling. That’s not a coincidence; it’s a direct effect of Biden’s energy policy, which has earned the reputation of making “the pain is the point” for Americans who are already experiencing hardship due to general inflation that is at 40-year highs.

Due to the inevitable requirement of the fuel, the majority of Americans will suffer from the agony of rising natural gas prices. More than 35% of America’s electricity is produced from natural gas, thus expenses incurred there will be passed on to customers in the form of higher energy prices. Nearly 50% of Americans’ home heating is also derived from natural gas.

As temperatures in northern regions start to drop down around the end of August and the start of October, more natural gas will be required to heat houses, making the rising cost of natural gas an even bigger concern right now.

Along with rising expenses for Americans trying to heat their homes, natural gas is currently more costly than it has been since 2008. Businesses, farmers, and industry’s, rely on natural gas for a variety of functions. This indicates that there will likely be more inflationary hardship in the future, which will ultimately affect individual consumers and may result in the loss of even more employment as businesses struggle to balance rising expenses with wages and costs passed on to customers.

There is also no respite in sight, thanks to Pres. Biden and the Dems in Congress. The president and the congressional leadership of his party rapidly promoted the sizable, erroneously called “Inflation Reduction Act” as the biggest piece of climate action legislation in our American history. This is the largest shift away from dependable, reasonably priced energy toward “alternative” sources and a regulatory system that would further stymie America’s already-weak energy industry.

Once again, “Build Back Better” is proving to be a financial and energy disaster for Americans.