On a recent bill the utility company included a statement noting that future invoices would reflect recovery of higher energy costs. We have become a bit immune to being told that inflation is making everything go up. Some networks, especially Fox and other right wing broadcasters, constantly harp that inflation is high. BUT, everything is not going up. In fact, when it comes to your utility bill, quite the opposite is true.
Last summer, due largely to the cut off of Russian natural gas, the cost of gas spiked. The measurement for natural gas is mmbtu (million btu’s). Pre-pandemic cost per mmbtu ranged around $2. Last summer that spiked to $7-8 for a few months and utilities largely passed those costs on to us.
However, the price since the beginning of the year has dropped down to $3 and current and future market prices now stand around $2.50. That is a drop of 70% since last summer. Further, the industry estimate is that the annualized average for 2023 will be 25% less than 2022.
So, when your utility claims the need to raise your gas costs to recover higher energy costs, tell them you know their costs are lower, not higher, and that as a consumer you expect them to act responsibly when pricing their products.
Make clear that you are watching. Speaking up for ourselves as consumers can be our best defense against companies taking unfair advantage of a popular narrative that inflation is affecting everything.