Wtf
The national average for a gallon of regular unleaded gas this week is $3.27 — a seven-year high. According to GasBuddy, a price tracking service, the price of a gallon nationwide has gone up more than five cents in a week.
Meanwhile, benchmark crude oil prices have risen above $80 a barrel for the first time since 2014. As a result, Chicago-area utilities are projecting that heating bills will be up to 50% higher this winter. The New York Department of Public Service warned residents last week that their home heating bills could jump 21% compared to last winter.
"We are facing a looming energy crisis as we head into what could be a cold winter," said Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets. Croft said higher oil prices combined with an increased demand for oil and concerns about a colder winter in Europe and Asia are all contributing to the spike.
The national average for a gallon of regular unleaded gas this week is $3.27 — a seven-year high. According to GasBuddy, a price tracking service, the price of a gallon nationwide has gone up more than five cents in a week.
Meanwhile, benchmark crude oil prices have risen above $80 a barrel for the first time since 2014. As a result, Chicago-area utilities are projecting that heating bills will be up to 50% higher this winter. The New York Department of Public Service warned residents last week that their home heating bills could jump 21% compared to last winter.
"We are facing a looming energy crisis as we head into what could be a cold winter," said Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets. Croft said higher oil prices combined with an increased demand for oil and concerns about a colder winter in Europe and Asia are all contributing to the spike.
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