Appearing Monday on the Fox Business Network, Lipow Oil Associates President Andy Lipow warned that natural gas prices will jump this winter.
A transcript is as follows:
CHERYL CASONE: We are seeing gas prices going down and the Biden administration is taking credit. Let’s remind everybody it’s mid-August and this is when gas prices always start to go down.
ANDY LIPOW: I think that the only really substantive action that the Biden administration took was the release of the Strategic Petroleum Reserves, and I think that contributed about 15 to 20 cents a gallon of the gasoline price decline. Now I expect, as we go into the winter, especially the latter half of September, we could see additional relief at the pump of another 15 cents a gallon as refiners begin making that winter blend and that cheaper gasoline cost is passed through to the consumer. When we look at utilities going forward this winter, especially with the soaring price of natural gas, which has doubled since this time last year, the consumer is going to be paying far more for natural gas this upcoming winter heating season. That’s also going to filter into higher electricity costs as 39 percent of our electricity is generated from natural gas.