
Did you turn on the furnace overnight? Those of us who heat our homes with gas better be ready to adjust the budget.
The U.S. Energy Information Administration is predicting a 28 percent increase in the cost of heating homes with natural gas this winter.
Natural gas is the fuel source for furnaces in half of all American homes.
A lot of that is because Russia is Europe's number one producer of natural gas, and the number two producer of gas in the world.
Russia's invasion of Ukraine has crimped that flow.
"As a result, this has created an enormous increase in demand for natural gas from other parts of the world," said Professor Greg Upton with the LSU Center for Energy Studies. "And so prices in Europe today are way higher than they have been, historically."
That, combined with the mysterious sabotage of the Nord Stream pipeline, has Europe buying more from the world's largest producer of natural gas -- the United States.
"The United States has been exporting gas in the form of liquefied natural gas into Europe in order to meet that demand," he explained.
Upton says we dealt with this situation not long ago -- a hot summer meant natural gas-powered electric plants had to consume more to keep up with demand.