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Friday, September 16, 2022

The Daily Money: Will gas prices rise just in time for winter?

Gas prices have declined but they may rise again this winter, leading to higher heating bills and more pain at the pump, analysts say. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
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The Daily Money
ALL THE MONEY NEWS YOU NEED TO KNOW
 
Friday, September 16

Whew. We made it to Friday. It's Charisse Jones with the Daily Money headlines you need to know as you head into the weekend. 

The nation dodged a potential rail strike, at least temporarily, that could have landed a heavy blow on the economy, idling freight and leaving hundreds of thousands of commuters in the lurch as they tried to find a different way to get to work.

Railway companies and all 12 rail worker unions reached tentative agreements that if approved will raise workers' wages, give them paid sick leave for the first time, and implement other changes that will improve their working conditions.

Gas price dip may not last through winter 

Gas prices have been dropping, one of the few bright spots amid continuing inflation. But Treasury Secretary Janet Yellen and others say gas may get more expensive in the coming months, making winter even harder to bear.

Consumers may have to pay more at the pump and to heat their homes as President Joe Biden's one-million-barrels-a-day oil release from the nation's emergency reserves is set to end in October and Europe's energy crisis is expected to escalate during the winter. Then, toss in the possibility that the largest oil-producing countries will pare back production. All those factors can lead to higher gas and energy bills, analysts say. 

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Will other unions follow rail workers' lead? Rail worker unions reached a tentative deal that could lead to a significant pay bump. Other workers may want similar gains but have much less leverage to get them.  

Universal Studios Hollywood vs. Orlando. Is there a difference between the two amusement parks? You bet there is. 

Twitter and the blue check. That blue piece of punctuation can help people determine if your Twitter account, and others, are legitimate. Here's how to get it.  

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you.

Follow Charisse Jones on Twitter: @charissejones.
The cost of energy around most of the world has started to soar. This is partly due to Russia's attack on Ukraine, which has led some nations to boycott Russian oil, triggering a shortage of oil and gas. Russia is the world's second-largest producer of crude. OPEC+ nations, which include Russia and Saudi Arabia, have to decide to keep output at planned levels rather than addressing potential shortages. As a result, crude prices spiked to over $110 a barrel, nearly double the level a year ago. Meanwhile, retail electricity rates have already been rising. Considering the burden of energy bills on households, in San Francisco, people have the lowest energy bills relative to their incomes. (Interestingly, California is not the state where people struggle to pay their energy bill. Rather, people in this state can't pay their energy bills .) The U.S. Energy Information Administration recently reported that last year, U.S. retail electricity prices "rose at the fastest rate since 2008." Cold weather and supply interruptions were partially to blame. Thomas Nichols, an economist at Moody's Analytic, commented: "It's a period where we're seeing a historic runup in prices." Realtor.com's recently released Electric Shocks: The U.S. Cities Where People Are Spending the Most -- and the Least -- on Energy Bills ranks 50 large metro areas by their energy burden, using data from Greenlink Analytics . Data on incomes and energy costs used to calculate the energy burden is from 2018, the latest data available. Therefore, the report notes that energy burdens could be significantly higher today due to rising gas prices and inflation. Typically, the energy burden per household is 3% to 4% of income, according to the Labor Department. A figure above 6% is considered a "heavy" energy burden. Above 10% is considered "severe." (These are the most expensive states to live in .) Realtor.com added the median home price per city. Cities with the lowest energy bill burden tended to have the highest home prices, likely due partly to possible higher incomes in these cities. The lowest burden was in San Francisco, at 1.7%, against a median home price of $1.2 million in January. New York was second at 1.9%, against a median home price of $1.5 million. California has one of the highest residential electricity prices, according to the Energy Information Administration , but the San Francisco metropolitan area also has the second highest median annual household income of all metro areas nationwide, at about $115,000. The city has also enacted a program to retrofit homes to reduce carbon emissions. Such work generally also reduces energy use and costs overall. Of course, the energy burden is uneven within the metro, and according to the American Council for an Energy-Efficient Economy, the report notes, low-income households in San Francisco have an energy burden that is five times higher than that of wealthier households.
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