But as demand for fossil fuels began to rebound in 2021, supplies haven’t recovered as quickly.
The COVID pandemic in 2020 temporarily disrupted this trend the global economy came to a halt and many oil and gas operations curtailed production. began turning its glut of natural gas into liquefied natural gas (LNG) and exporting it. Indeed, prices started to rise after the U.S. Supply was high and prices were cheap, which was good for consumers, but not sustainable, said Dennis Wamsted, an analyst at the Institute for Energy Economics and Financial Analysis. Historically, New England burned oil and coal for power, but we switched many of our plants over to natural gas after the “fracking boom” in the early 2000s. And the price of our main source of energy is anything but stable. Natural gas accounts for about 38% of the country’s electricity, though here in New England, it’s more like 53%. The primary reason for the spike is our reliance on fossil fuels. (People with solar panels on their roof, or who are part of a municipal aggregation or “community power” program, are a different story.) Your neighbors, your friends across town, even local political leaders - everyone who gets their electricity from the power lines that run down the streets is seeing rates rise.
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