The gas and electric charges that some are facing right now are causing some factories in Europe to cut their workforce and shut down some operations because they cannot keep up with the struggle to maintain things.
Millions are worried about what the coming months ahead will look like as many struggle to afford their energy bills.
It is a problem that isn't unique to Europe, as Americans too have been told to expect possibly higher bills this winter season.
From individuals to businesses, non-profit operations too, everyone is feeling the rise and the pressure to keep up with costs.
Natural gas bills to increase 80 per cent
In the UK this OCT they are expecting to see a dramatic rise in their gas bills where they are going to go up some 80 per cent. This is going to push more people into poverty and they won't be able to afford their to heat their homes.
This energy crisis is one that especially impacts seniors, the disabled, and others who are on fixed incomes who cannot absorb those changes in the cost to their standard of living easily.
This is going to be a hardship that businesses and individuals both face as energy costs climb.
1 in 6 Americans are behind on utility bills
Millions are struggling with inflation and rising cost of living these days. There is still talk about whether or not a recession will come around next year, if we are in one now, or if we will avoid one altogether.
With 1 in 6 being behind on their utility bills that makes some 20 million or more that might already be behind and struggling with just that cost to their standard of living.
Some businesses have seen their energy costs go up 600 per cent.
There isn't much room for individuals and families to absorb too much of an increase in the prices changing for services and goods that they need, as inflation pushes the cost of living up we can expect to see multiple negative outcomes as a result.
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This is not financial advice.
Sources:
https://www.nytimes.com/2022/09/19/business/europe-energy-crisis-factories.html
https://www.cbsnews.com/news/heating-electric-bills-to-surge-this-winter/
https://www.omanobserver.om/article/1125450/opinion/business/crippling-energy-bills-force-europes-factories-to-go-dark
https://www.bloomberg.com/news/articles/2022-09-16/arcelormittal-in-discussions-to-furlough-spanish-steelworkers?leadSource=uverify%20wall
https://www.cnbc.com/2022/08/26/uk-energy-bills-to-rise-by-80percent-in-october-as-regulator-announces-hike.html