Gas Prices in the United States Are Growing Rapidly

At the beginning of October 2021, it was announced that the gas prices in the United States were so high that numerous families had to cut out heating. Many households cannot afford to pay such high bills, not only in the US but in Europe, as well. The one thing that’s even more troublesome is the fact that cold months are approaching. Unfortunately, the majority of people use gas for heating and hot water. Nevertheless, there are several alternatives that residents of the US may consider using in the upcoming months.

Why Are Gas Prices in the US High?

A number of experts believe that the gas prices in the US may reach figures that haven’t been seen for almost 13 years. Additionally, it is expected for them to keep growing, which means that many families will have to give up on using gas for heating in their homes. Of course, the expected change will affect not only households but multitudinous companies, as well.

One of the reasons for the unbelievably high prices is the fact that there is not enough storage of gas. The CEO of the Omega Family Office said that the gas situation in the United States is certainly not good. In addition to this, the production of gas in the US is quite limited due to Hurricane Ida that stroke Louisiana at the end of August. Research shows that the gas storage is more than 15% lower than that of last year.

The CEO of Cheniere Energy also commented on the situation. Jack Fusco said that during the pandemic in 2020, gas prices were the same in the United States, Europe, and Asia. At present time, however, the gas price in the US is more than 100% higher, and in Europe, the increase is even more substantial. The fact that numerous companies stated that natural gas was the best option for energy transmission certainly triggered the aforementioned growth of prices. Although Joe Biden strives to make the United States a better place and wishes to rely more on renewable energy, according to specialists gas will remain one of the most essential fuels in the upcoming years.

Alternatives to Natural Gas

As we’ve mentioned, there are several alternatives to using natural gas. With the immense jump in prices, more and more people choose more affordable options. Additionally, many of them believe that the cost of gas will go even higher. The alternatives listed below are all considered cleaner than natural gas, and US residents can use them to heat up their homes.

• Heat pumps – one of the most frequently preferred options when it comes to heating a house is a heat pump. Although their popularity is not as great as it is now, in the last couple of years, this invention received a positive reaction from the majority of US residents. The heat pump is one of the renewable sources of energy.
• It “collects” the warmth from the outside and then “sends” it directly to your home. There are two types of heat pumps – one that heats the water and another one that heats the air. The only disadvantage is the fact that heat pumps are powered by electricity. Nevertheless, this alternative will certainly be more budget-friendly than relying on natural gas at the moment.
• Solar panels – sunlight is the most well-known source of renewable energy, and people who choose to rely on it need to capture that light using special technology. The solar panel is one of the greatest inventions when it comes to utilizing solar energy. This gadget is usually placed on houses’ rooftops, and its mission is to absorb the sun’s rays and transform them into heat or electricity.

The panel consists of special cells called photovoltaic cells. The electricity is then generated by the so-called photovoltaic effect. Even though solar panels require a certain investment, a person’s utility costs will become much lower. In addition to all this, using renewable energy from the Sun drastically reduces gas emissions.

What Will Happen in the Future?

Using renewable energy has gained massive popularity in the last couple of years. Heat pumps and solar panels are just two of the options people can choose from. There are many other alternatives, but these two are very convenient for households. Although experts believe the gas prices will increase even more in the next couple of months, there’s a high chance for them to go back to normal in 2022.

According to data, natural gas is expected to provide 35% of the power generation in the next year, but its price will be more reasonable. The latter will surely happen due to the increase in the utilization of renewable energy. Joe Biden’s government is also focused on fighting air pollution and global warming. Not long ago, the president announced that coal mining is detrimental to the environment, and renewable sources of energy should become even more popular.

Taking all things into consideration, we can say that gas prices will surely disappoint the majority of the US population for the next couple of months. Although experts are positive that the situation will normalize once there’s enough gas storage, many people believe that if this happens, it will be after a very long period of time.