Yes, it was a record hot summer globally. But I was still surprised when I opened my August utility bill, which was the highest yet.
At Climate Week in New York City this month, I heard a lot of discussion about the price of energy. A Facebook friend recently posted that she paid nearly $100 to fill up her vehicle.
Indeed, gas prices are still fueling inflation (pun intended).
As for our energy bill, it was a whopping $400. And I live in a new, allegedly energy-efficient building. We also try to keep our energy usage to a minimum: We turn up the thermostat, clean our filters and close the blinds to block the sun.
“The demand for energy is fairly inelastic,” said Thomas Martin, senior Portfolio Manager at GLOBALT Investments. “You’ve got to put gas in your car. Maybe you take fewer trips but you still have to use it. You still have to use it to heat your home.”
Higher energy costs are impacting the economy, too, according to economic data. By spending more on energy, consumers are spending less elsewhere, which has a ripple effect.
Are higher energy costs impacting your spending habits on travel, restaurants, shopping or anything else? Share your recent energy bill experiences with me at onthemoney@thomsonreuters.com.
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