Latest news with #EnergyInformationAdministration
Boston Globe
an hour ago
- Automotive
- Boston Globe
Nearly 62 million Americans will hit the road over July 4, AAA predicts
Advertisement 'Because gas prices have been so much lower than this time last year, it's going to be a bit of a rise, but there's no indication we will hit where we were last summer,' said Aixa Diaz, an AAA spokesperson. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Even with the increase in road trips, gasoline demand isn't projected to get a significant boost as vehicles' improving fuel efficiency curbs consumption. Demand — which was down about 1 percent from last year as of last week — will decline this year and next, and retail gasoline prices will drop across most of the US through the end of 2026, according to the Energy Information Administration. Oil prices had slumped for much of this year as OPEC and its allies revived supply faster than expected and US President Donald Trump's trade war weighed on the outlook for demand. Those dynamics had helped keep gasoline prices in check, but now hostilities between Iran and Israel are emerging as key drivers of the market, raising fears of disruption to crude production and a potential blockage of the Strait of Hormuz. Advertisement The surge in oil prices from the Israel-Iran conflict is 'setting the stage for additional price hikes at gas pumps across the country,' said Patrick De Haan, head of petroleum analysis at GasBuddy. 'Motorists should prepare for what will likely be modest price increases — for now — but the situation has the potential to worsen at any moment.' While road trips are the most popular form of travel, a record 5.84 million people are expected to fly during the holiday period as well, up 1.4 percent from last year, AAA said. The slower growth for air travel is a consequence of rising costs, with a round-trip domestic flight averaging $810, 4 percent more than last year, the group said. Still, the Transportation Security Administration screened more than 3 million passengers in a single day over the Memorial Day holiday, nearing its busiest day ever.
Daily Mail
a day ago
- Business
- Daily Mail
Housing costs predicted to skyrocket this summer, experts warn
Power bills are rising faster than grocery prices — and experts say it's only going to get worse this summer. Electricity costs jumped 4.5 percent last year — more than double the 2.2 percent rise in grocery prices — and energy analysts warn the surge isn't stopping anytime soon. A mix of soaring natural gas prices, massive utility investments, and a boom in data centers is fueling the spike. And with summer here, the Energy Information Administration predicts Americans will pay about 4 percent more for electricity this season compared to last. Natural gas deliveries to power plants alone are expected to cost 50 percent more through September than they did during the same stretch last year. 'The more we export gas, the more domestic prices will begin to reflect international ones,' Hugh Wynne (Pictured) of Sector & Sovereign Research told the Wall Street Journal .. The average US household is expected to pay $784 in electricity costs between June and September, according to the National Energy Assistance Directors Association — a 4.2 percent increase from summer 2023. The roots of this crisis trace back to the 2022 energy shock following Russia's invasion of Ukraine. While prices briefly cooled, utilities have since raised rates to help cover storm-proofing efforts and wildfire prevention — investments made more expensive by rising labor and materials costs. Homebuyers had already been concerned over fears of an economic downturn before the Energy Information Administration concluded that electricity prices will outplace inflation through next year. Utility rises have also taken its toll on thousands of people like Adam Moore, an Indiana resident who was one of over 2,300 who protested CenterPoint Energy's plans to rise rates. This increased bills by around $5 a month, which the company insisted was needed to cover investments for various things like grid improvements and new solar plants. Meanwhile, data centers are driving a new wave of demand. PJM Interconnection — the nation's largest electric grid operator — expects $9.3 billion in additional costs to be passed on to customers as more data hubs come online. Pennsylvania utility regulators suggested residents consider searching for lower retail rates or conserve energy, since rates are set to rise 5% to 16% at most of its utilities. Even clean energy policy is under pressure. A rollback of tax credits from the Inflation Reduction Act could push electricity costs even higher. Bottom line: with inflation-weary Americans already struggling, experts say power bills will likely keep climbing for at least the next 12 to 18 months. 'On both fronts, there's little reason to believe that ratepayers will see easing pressure on their pocketbooks,' said Akshat Kasliwal of PA Consulting Group.
Daily Mail
2 days ago
- Business
- Daily Mail
Experts give dire warning as annoying housing bill is set to soar this summer
Power bills are rising faster than grocery prices — and experts say it's only going to get worse this summer. Electricity costs jumped 4.5 percent last year — more than double the 2.2 percent rise in grocery prices — and energy analysts warn the surge isn't stopping anytime soon. A mix of soaring natural gas prices, massive utility investments, and a boom in data centers is fueling the spike. And with summer here, the Energy Information Administration predicts Americans will pay about 4 percent more for electricity this season compared to last. Natural gas deliveries to power plants alone are expected to cost 50 percent more through September than they did during the same stretch last year. 'The more we export gas, the more domestic prices will begin to reflect international ones,' Hugh Wynne of Sector & Sovereign Research told the Wall Street Journal.. The average US household is expected to pay $784 in electricity costs between June and September, according to the National Energy Assistance Directors Association — a 4.2 percent increase from summer 2023. The roots of this crisis trace back to the 2022 energy shock following Russia's invasion of Ukraine. While prices briefly cooled, utilities have since raised rates to help cover storm-proofing efforts and wildfire prevention — investments made more expensive by rising labor and materials costs. Homebuyers had already been concerned over fears of an economic downturn before the Energy Information Administration concluded that electricity prices will outplace inflation through next year. Utility rises have also taken its toll on thousands of people like Adam Moore, an Indiana resident who was one of over 2,300 who protested CenterPoint Energy's plans to rise rates. This increased bills by around $5 a month, which the company insisted was needed to cover investments for various things like grid improvements and new solar plants. Meanwhile, data centers are driving a new wave of demand. PJM Interconnection — the nation's largest electric grid operator — expects $9.3 billion in additional costs to be passed on to customers as more data hubs come online. Pennsylvania utility regulators suggested residents consider searching for lower retail rates or conserve energy, since rates are set to rise 5% to 16% at most of its utilities. Even clean energy policy is under pressure. A rollback of tax credits from the Inflation Reduction Act could push electricity costs even higher. Bottom line: with inflation-weary Americans already struggling, experts say power bills will likely keep climbing for at least the next 12 to 18 months. 'On both fronts, there's little reason to believe that ratepayers will see easing pressure on their pocketbooks,' said Akshat Kasliwal of PA Consulting Group.
Argaam
2 days ago
- Business
- Argaam
US oil inventories fall 11.5M barrels last week
Crude oil inventories in the US fell more than expected in the week ended June 13, signaling a rebound in US energy demand, according to a report released by the Energy Information Administration (EIA). Crude oil inventories decreased by about 11.5 million barrels last week, compared to expectations for a fall of about 1.6 million barrels. Meanwhile, gasoline inventories increased by 200,000 barrels, and distillate stocks—including diesel and heating oil—rose by 500,000 barrels.
Bloomberg
2 days ago
- Business
- Bloomberg
Biggest US Oil Stockpile Drop in a Year Shows Tightening Market
US crude stockpiles declined the most in almost a year last week, signaling a tighter market for American oil just as the Israel-Iran conflict threatens supplies from the Middle East. Oil inventories dropped 11.5 million barrels in the week through June 13, the steepest slide since late June 2024, according to Energy Information Administration data released Wednesday. The bulk of the decline came from the US Gulf Coast, a key region that accounts for most US oil exports. Stockpiles there are now the lowest since December 2023.
