U.S. Oil prices have dropped to the lowest they have been since early 2009. High oil prices have affected more than just the commuter’s gas guzzling car, the high price of oil also affects airfare, heating and electric bills.
The cost of jet fuel has decreased 43 percent on average worldwide from the price just a year ago, although the cost of airfare continues to be costly and the U.S. electricity bill has gone up substantially from previous years. In June 2014, the cost of a barrel of oil was $110, but in 2015 the price of a barrel dramatically lower, “A leading investment house drastically cut its three-month forecast for Brent crude from $80 a barrel to $42”. Chuck Schumer New York senator questioned the unchanging prices “It is curious and confounding that [air] ticket prices are sky-high and defying economic gravity”. The industry group airlines for America explained that “lower fuel costs do not necessarily translate into cheaper fares”, they also predict that the price of airfare “will be 5.1 percent or more in 2015”.
In New England there has been the most significant electric bill spike, due to the colder climate of the east coast. Many people were shocked by the rise in their electric bill, which in some cases was a staggering increase of 110 percent. New England already pays the highest electricity bills in the contiguous states, because that region has to import fossil fuel. The governors of New England had announced they would “coordinated regional strategy, including more pipelines and at least one major transmission line for hydropower.” Those plans were rejected and efforts to develop wind and solar projects were derailed.