According to last week’s Producer Price Index report, the average price of natural gas paid by the nation’s electric power generators in May was 41.1 percent higher than a year earlier.
Notwithstanding this big price hike for electricity’s leading fuel, the average prices of electric service paid by residential, commercial and industrial customers were 10.4 percent, 9.3 percent and 12.0 percent higher than a year earlier.
These are substantial increases, no doubt. Though they fall short of what’s been happening to energy generally. Gasoline is up 66.3 percent. Home heating oil/distillates is up 116.8 percent. No. 2 diesel fuel is up 84.9 percent. Residual fuel is up 46.4 percent.
And jet fuel is up 139.5 percent. Anyone who has seen what airline flights are costing these days cannot be surprised.