Tuesday December 13, 2005

The Big Chill

peakoil.com -> usnews.com :

With the season's first snowfall hitting the Northeast last week, it is becoming apparent that Hurricanes Katrina and Rita did far more to the nation's energy equation than spoil Labor Day vacation drives. The storms upset the already precarious balance of the nation's supply and demand for fuel. So much Gulf of Mexico oil and natural gas production remains in disarray that even with a mild winter, Americans face a Big Chill: astronomical heating bills - on average, 38 percent higher than last year's record costs for natural gas and 21 percent higher for oil.

That means hundreds of closed factories and enormous hardship for low-income and working poor families, who can expect scant federal government help. And if bitter cold rides in on Mother Nature's coattails, extraordinary measures will be needed to keep energy flowing, particularly in the Northeast, as natural-gas shortages spill over into oil and electricity supplies.

Adds Matthew Simmons, a prominent Houston energy investment banker, who has warned of a new era of scarcity: "We're headed into a winter that could be a real winter of discontent."

See also :

1. Rising energy costs driving lifestyle changes
2. Energy costs become global concern
3. Winter shortages may shut UK industry

(2005-12-13 22:17:53 SGT) [Energy] Permalink

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