Upside Gap Openers

[mgland]

‘I expect a tsunami of shutoffs’: 20M American households now can't afford to pay their utility bills on time
https://www.yahoo.com/finance/news/expect-tsunami-shutoffs-20m-american-110000281.html
The U.S. consumer price index rose 8.5% in July from a year ago — down from a 40-year high of 9.1% in June. But hot inflation continues to hit consumers hard.

According to the National Energy Assistance Directors Association, roughly 20 million households in the U.S. — one out of six homes — are behind on their utility bills.

The consequences could be dire.

“I expect a tsunami of shutoffs,” Jean Su, a senior attorney at the Center for Biological Diversity, tells Bloomberg.

Electricity prices have spiked due to the skyrocketing cost of natural gas. According to the Energy Information Administration, natural gas is the biggest source of electricity generation in the U.S.

A year ago, natural gas traded at $4.31 per metric million British thermal unit. Today, it’s at $9.34 per MMBtu.

The Bureau of Labor Statistics reported that July prices for electricity jumped 15.2% from a year ago, marking the biggest 12-month increase since 2006.