Energy supply shortages are getting worse by the day. The American energy crisis has entered an ominous new chapter. People often say that “energy is the economy,” and in many aspects that statement is true. Large nations with a very high level of economic activity like the United States tend to use a great deal of energy (continued below video)
… and as the population continues to expand, so does the demand for more energy supplies. However, production is struggling to keep up with the growing demand, and now we’re being warned that our major energy supply chains, which are responsible for the generation of power, as well as the processing of oil-based products such as diesel and gasoline, and the extraction of natural gas, are reaching a breaking point where it won’t be possible to produce enough energy supplies for everyone. And the consequences of this impending energy supply chain breakdown are going to be catastrophic for our country. Last month, the national average price of gasoline surpassed $5 a gallon for the first time. Since then prices edged down by a few cents, but remain well above the historic norm. The massive and sudden increase in gas prices that has been weighing on Americans’ budgets is a result of a much deeper problem: the country is facing a huge shortage of refining capacity. Industry executives have said earlier this year that refineries were nearing peak production and that this issue wouldn’t be resolved any time soon. In total, the U.S. permanently lost 5 facilities and another 14 remain closed for maintenance and other internal issues. The vast majority of open refineries are extremely overwhelmed right now. According to the Energy Information Administration (EIA), they are already operating above 90% capacity and are expected to run at 95% for the rest of the summer.While Americans mostly noticed the sky-high prices for gasoline, the lesser-known increase in diesel costs is particularly concerning for our economy. In fact, industry executives say that the shortage of diesel and elevated prices could be what drive the U.S. economy into a deep recession. But that’s not all of it. The other side of the energy supply chain is also facing nightmarish disruptions. A brutal continental heatwave is pushing the price of natural gas to levels never before seen. In the past month alone, natural-gas futures jumped by 48%. This past Wednesday alone, prices surged by 10%, to $8.007 per million British thermal units (btu). The heat is also testing aging power grids, as consumers turn up their air conditioners and use record amounts of electricity. According to Daniel Turner, the founder, and executive director at Power the Future, the whole country is at risk. “I think the entire country is incredibly vulnerable because the entire country is facing a huge energy shortage and I don’t think there is any place that is truly safe,” he said during an interview with Fox News. The blackouts can have disastrous consequences, as seen in the 2021 Texas winter power crisis when millions of people were left without energy and access to basic supplies for weeks. The truth is that the average American is going to be the hardest hit by these energy supply shortages. If we are at or near peak energy production right now, what will our country look like once we get past the peak and energy production actually starts steadily declining? If you think that gasoline, diesel, and electricity prices are expensive now, just wait until we get to that stage. By the end of the summer, everyone will understand that we truly have entered a nightmare with no end in sight. The energy supply chain collapse has just begun, and things are about to get even worse from this point on.
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