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An energy crisis has already struck Europe and China, leading to blackouts and shortages, while a fuel crisis was also sparked in the UK due to a lack of HGV drivers. Many pointed the finger at Brexit as the route of the problem, but the US could be next on the list to suffer a blow as electricity companies have started to alert customers about winter price hikes. An energy hedge fund also warned that the US face potential shortages like the UK.
Ernie Thrasher, chief executive officer of Xcoal Energy & Resources LLC, said utility executives have told him they fear shortages in the coming winter could cause blackouts in the US.
He said: “These utilities are worried the assets that they have can’t get enough fuel.
“There are people of high authority at large utilities that are deeply concerned.”
And founder and director of Power the Future, Daniel Turner, blames President Biden.
He posted on Twitter: “Joe Biden has halted most oil and gas exploration in the USA, blocked the Keystone XL pipeline and renewed the war on coal and other forms of reliable energy.
“This energy crisis is Joe Biden’s crisis.”
On Mr Biden’s first day in office, he cancelled permits for the controversial Keystone XL pipeline.
The pipeline was projected to carry oil almost 1,200 miles (1,900km) from the Canadian province of Alberta down to Nebraska, to join an existing pipeline.
It could have carried 830,000 barrels of oil each day.
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On Monday, the largest provincial economy in China’s northeast warned of worsening power shortages despite government efforts to boost coal supply and manage electricity use.
And their crisis has affected millions of homes, in some places with hundreds of thousands of homes suffering from daily power shortages and no electricity as a result.
And along with Mr Biden’s war on fossil fuels, high fuel prices too could create a winter of chaos in the US.
James Shrewsbury, co-chief investment officer of e360 Power LLC, a gas and power hedge fund in Texas, said that the US will have enough gas to get through winter.
But he warned that sustained low temperatures could create gas shortages, which is also a worry for the UK and Europe.
He said: “If we get a prolonged cold this winter, there will be problems.”
And American energy providers like Duke Energy Corp. have warned customers that they should expect their energy bills to soar this winter.
On Tuesday, they warned that high global gas prices and low production will boost up consumers’ bills by about $11 (£8) a month in some states.
In the UK, soaring prices have caused energy providers to go bust, with nine companies’ collapse affecting 1.73 million customers.
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