oil and gas producers recently to help bring down fuel costs.īoth moves have raised eyebrows since Biden, upon taking office, revoked the cross-border permit for the Keystone XL pipeline that was poised to send about 800,000 barrels of oil a day from Canada to the Texas Gulf Coast and issued a suspension on new drilling permits and leases on federal land. In addition, Reuters, citing two sources, has reported the White House has talked to U.S. Looking to lower gas prices and tame growing concerns about inflation, the Biden administration has urged the Organization of Petroleum Exporting Countries and Russia - a group known as OPEC+ - to increase crude oil production. is trading around $80 per barrel, its highest level in seven years. Gasoline prices are tied to crude oil prices and the futures price for West Texas Intermediate - the benchmark for crude produced in the U.S. That’s $1.21 higher than a year ago, an increase of 38 percent.
WINTER IS COMING IMAGE DRIVERS
According to GasBuddy, a tech company that helps drivers find stations offering the lowest prices, the average price in San Diego on Thursday came in at $4.39 per gallon. to go up another 3 cents per gallon this month but then drop 16 cents in December.Ĭalifornia has the highest gasoline prices in the country. Earlier this year, the California Public Utilities Commission estimated more than 3.3 million residential customers of the state’s big four utilities have accounts in arrears, including more than 485,000 customers in the SDG&E service territory.Īs for gasoline, the EIA outlook had some mixed news for drivers.
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In San Diego, prices increased 6.5 percent.Īt the same time, the financial effects of the pandemic have led many Californians to fall behind on their utility bills. The same day EIA released its outlook, it was announced the Consumer Price Index in the 12 months through September rose 5.4 percent. Higher energy prices come as inflation starts to eat into the budgets of everyday consumers. homeowners that use heating oil - many of them in the Northeast - should be prepared to pay an average of 43 percent more this winter, according to EIA, and the 5 percent of customers across the country who rely on propane can expect to see an average increase of 54 percent.
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In the West, the average for six months is expected to be $1,330, up 2.8 percent. electricity customers to spend an average of $1,268 between October and March - 6.3 percent more than the previous year. “We all want predictable bills so we can budget accordingly,” Gao said in an email, “and SDG&E is taking action to help mitigate bill impacts for our customers, even when prices are beyond our control as is the case with natural gas.”īut it’s not just natural gas that’s more expensive. SDG&E spokeswoman Helen Gao said the company uses a number of tools to deal with price swings, including locking in prices through long-term energy contracts. Locally, of San Diego Gas & Electric’s 3.6 million customers, about 873,000 gas meters are serviced by the utility.