Granite State Times

As inflation soars and winter approaches, the rising cost of natural gas in New Hampshire might be a cause for concern.

According to Choose Energy’s Natural Gas Rates Index, New Hampshire's natural gas prices have climbed by 19.2% in just one month and the state currently ranks 31st in the nation for its cost of natural gas.

The rising cost of natural gas exacerbates the existing problem of severe inflation. In what they deem the “inflation tax,” the Wall Street Journal Editorial Board points out that “workers are paying the price” for increased costs since “real hourly earnings are down 1.9% since January.”

As the weather cools and Americans turn on their heating systems, remaining warm will be severely more costly this winter, according to Real Clear Politics. The prices of natural gas and propane have increased by 89% and nearly 300%, respectively, since the beginning of the year.

The International Energy Agency says natural gas prices have reached a 13-year high, the Providence Journal reported. Rob Thummel, an investment manager focusing on energy at Tortoise Capital, predicts that if temperatures remain around average this winter, heating bills will increase by 50-75%. Thummel attributed the rise in prices to increased global demand and a shortage of necessary U.S. infrastructure to transport natural gas.

“Natural gas market prices are higher due to the economic recovery from strong natural gas demand from last winter, along with slower than anticipated production this year,” Richard Meyer, vice president, energy markets, analysis and standards at the American Gas Association, told MSN News.

Some critics blame the rising cost of natural gas on green energy policies set by President Joe Biden's administration.

"By pursuing policies that restrict supply and make it harder to produce oil and natural gas here in America, Americans will have to pay more for their energy," criticizing the Biden administration’s energy policy," American Exploration and Production Council CEO Anne Bradbury said in a statement, the Washington Examiner reported.

Dan Eberhart, CEO of oilfield services company Canary, argues in a commentary in Forbes that because of inflation on groceries and other commodities, consumers will have less to spend on their home heating bills. He also argues that the rising energy costs will affect the deliveries of goods and increase inflation.

Consumers can also expect supply shortages of key items during the coming months. CNBC News reports that consumer giants General Mills, Costco and Nike have warned that on top of supply shortages, prices will remain shockingly high for consumers.