Today Michael Oliver, the man who is well known for his deadly accurate forecasts on stocks, bonds, and major markets, warned King World News that the US is sitting on a tinderbox with electricity prices set to skyrocket.
A senior attorney for a firm that tracks utility disconnections in the United States just warned, “I expect a tsunami of shutoffs.” And to make matters worse, the average amount of money people are behind on utility bills has soared a staggering 97% since 2019 to $792 per household.
August 27 (King World News) – Eric King: “Michael, I know you have seen the charts of electricity published on King World News. And I think people have awakened to the reality of how are people going to pay these electricity bills? There are plenty of savers who can pay the bills but there is a whole swath of people who just won’t be able to pay these electricity bills. The electricity rates in Europe are rising to catastrophic levels, and people are now talking about shutting down industries. What are your thoughts on this crisis?”
Electricity Crisis Is Coming To The US
Michael Oliver: “Europe is obviously getting the big pinch but I think we’re going to get it too. Natural gas is trading at about $9.50. Our expectation is natural gas is probably going to move into the teens. Already energy bill delinquencies are at 20% for lower class and middle income people — 20% delinquency in the US! Imagine if you take natural gas up another 30%-50% and you keep it there during the winter. And we know rental prices have gone through the roof so that’s killing a lot of people who rent. And now the utility bills? I feel sorry for them.
And it’s not just individuals. In Europe you are going to see companies shutting down or cutting back. They have to. After all, energy prices are a major factor in a company’s profit or loss. That also means layoffs. And that could easily happen here if natural gas tacks on another $4 or $5. We are also watching food commodities because I suspect there is another leg up coming for food commodities and that would ambush a lot of folks as well. So we are sitting on a tinderbox…Michael Oliver discusses the accelerating global crisis as well as what to expect in the gold and silver markets and other major markets and you can listen to his powerful audio interview by CLICKING HERE OR ON THE IMAGE BELOW.
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