Appearing Monday on Fox Business Network, Lipo Oil Associates President Andy Lipo warned that natural gas prices would rise this winter.A transcript follows:
Cheryl Cassone: We are seeing a drop in gas prices and the Biden administration is taking credit for it. Let’s remind everyone that it is mid-August and this is the time when gas prices always start going down.
Andy Lipo: I think the only real action the Biden administration took was the release of strategic petroleum reserves, and I think that contributed about 15 to 20 cents per gallon to the drop in the price of gasoline. Now I hope, as we move into winter, especially late September, we may see additional relief at the pump of another 15 cents a gallon as refiners start making that winter blend and that affordable. The cost of gasoline is passed on to the consumer. , When we look at utilities moving forward this winter, especially with the rising price of natural gas, which has more than doubled from this time last year, consumers are likely to pay far more for natural gas this upcoming winter heating season. are going. This is also going to filter in higher electricity costs because 39 percent of our electricity is generated from natural gas.