Why higher energy bills could be right around the corner | JUST THE FAQS

Experts say you should expect higher energy bills this winter. Here's how much higher they could get.

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One of the few things to cheer about in Tuesday’s consumer inflation report was the decline in gasoline and oil prices, but it’s probably too early to claim victory. Many people, including Treasury Secretary Janet Yellen, warn of possible price spikes that could send shivers through Americans this winter when they see their heating bills or pump gasoline.

“This winter, the European Union will cease, for the most part, buying Russian oil, and in addition, they will ban the provision of services that enable Russia to ship oil by tanker,” Yellen said in a CNN interview on Sunday. “It is possible that could cause a spike in oil prices.”

But there are other factors, too, that could make this winter more expensive. President Joe Biden’s 1-million-barrels-a-day oil release from the country’s emergency reserves is set to end in October, Europe’s energy crisis is expected to hit hardest during the cold winter months, and the largest oil-producing countries could cut production, other analysts noted.

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