Spike in fuel prices could mean an energy crisis this winter

, Spike in fuel prices could mean an energy crisis this winter, The Evepost National News

A perfect storm of high demand and low supply is sending fuel prices through the roof. Driving your car is costing a lot more — and heating your home this winter could, too. 

One cab driver said he’s spending at least $300 extra a month, which forces him to shop around. 

“The difference is like 10 cents between the Amoco, the Mobil gas station and the Exxon,” he said. 

The national average for a gallon of regular unleaded gas this week is $3.27 — a seven-year high. According to GasBuddy, a price tracking service, the price of a gallon nationwide has gone up more than five cents in a week. 

Meanwhile, benchmark crude oil prices have risen above $80 a barrel for the first time since 2014. As a result, Chicago-area utilities are projecting that heating bills will be up to 50% higher this winter. The New York Department of Public Service warned residents last week that their home heating bills could jump 21% compared to last winter. 

“We are facing a looming energy crisis as we head into what could be a cold winter,” said Helima Croft, the global head of commodity strategy at RBC Capital Markets. Croft said higher oil prices combined with an increased demand for oil and concerns about a colder winter in Europe and Asia are all contributing to the spike. 

, Spike in fuel prices could mean an energy crisis this winter, The Evepost National News