
IPFS News Link • Energy
Americans owe $22 billion in late utility bills as energy prices spike 34%...
• https://www.cnbc.com, Brett HolzhauerIf you're one of the millions behind on your utility bill, these resources can assist.
Americans are getting crushed by inflation across the board, but one area that isn't regularly addressed is energy prices. CPI data released Friday morning detailed that in the past year, the energy index soared 34.6%. In May alone, the energy index jumped 3.9%, natural gas rose 8% and the electricity index increased 1.3%.
Home energy prices, specifically natural gas prices, have been relatively calm over the last 10 years. But since the onset of the pandemic, prices have soared to highs not seen since 2008. And the one-two punch of Covid-related economic hardship and 40-year high inflation has left millions unable to pay their utility bill.
Below, Select dives into data behind late utility bills, plus we hear from an expert on how those late on their bills can get help.
Americans are late on utility bills
It's no secret that Americans are struggling to make ends meet in today's higher cost-of-living environment, but one in five households reported they were unable to either pay their utility bill in full or at all at least one month in the last year in a recent U.S. Census Household Pulse Survey.
During the heat of the pandemic, many states put protections in place for consumers that were falling behind on their payments to not lose energy. However, as of May 1, those protections have expired — leaving millions at risk.