Analysts warn that electric bills this summer will be larger than anything the American people have ever seen before. This financial blow comes on top of the already record-high fuel costs and baby formula shortages.
The most recent estimates coming out of the Energy Information Administration (EIA) are indicating that the price of electricity will rise by a national average of 3.9% this summer, which is a notable jump from last summer. Areas that practice conservation of energy will see at least a 0.9% increase.
Some regions of the country will be hit harder than others this summer. The New England area is likely to see a more dramatic rise. The area relies heavily on natural gas and oil for more than half of its total power supply.
On top of the price hike for electricity, weather forecasters are predicting a dry and blistering summer.
In regards to the cost of gasoline, there doesn’t seem to be an end in sight. According to the EIA report, residents in the Mid-Atlantic region can expect an additional price increase of roughly 8.4%. The report also notes that residents in the South Atlantic region could see an estimated 6.5% higher price.
If you add the soaring consumer prices, rent increases, and gas moving past 5$ a gallon on the horizon, we could see many people’s financial situation going from bad to worse over the next few months.