As the twittetatti go on about 'oooh, look, gasoline is down a dollah' there is a real problem staring the American consumer, and thus the entire economy, in the eye.
From Yahoo Finance:
Households can expect to pay more to heat their homes this winter.
“Natural gas futures (NG=F) prices are more than double what they were one year ago,” according to Andy Lipow of Lipow Oil Associates.
The energy analyst notes home heating oil is also higher and the cost of delivering it to the home is going up as well.
“The consumer is going to pay more for their heating bills this winter, whether they use natural gas or home heating oil. Most will have sticker shock," Lipow recently wrote in a note to investors.
The analyst predicts electricity rates will also be going up.
“Combine this bad news with the fact that gasoline prices are still about 80 cents per gallon higher than this time last year does I think [mean] consumer spending will be under pressure,” he added.
The average price of gasoline sits at $3.93 per gallon after reaching an all time high of $5.02 earlier this year.
“While gasoline prices are off the record high set in June, the consumer is paying about $400 per car more for gasoline this year than last. This winter, consumers are going to be paying several hundred dollars more to heat their homes,” said Lipow....
....MUCH MORE
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