Energy prices are out of control.
That isn’t an exaggeration or a figure of speech—global oil suppliers are actually taking action to ensure spending stays high, leaving price tags on energy largely out of anyone’s control here in the United States. OPEC+ recently announced it would cut 2 million barrels of oil from production each day, leaving the U.S. government scrambling to find an effective response and minimize consumer impact.
OPEC—the Organization of the Petroleum Exporting Countries—currently consists of 13 member nations that are responsible for nearly half of the world’s oil production. (The plus sign signifies about a dozen more non-member countries, including Russia, that are allied with the group and also participate in oil cuts when directed.) Together, OPEC+ holds significant power over global oil prices.
In response to the group’s decision, President Joe Biden plans to release 15 million barrels of oil from the United States’ strategic reserve. There have also been discussions of congressional action designed to curtail the power of global oil suppliers in influencing supply and demand. Unfortunately, both of these actions have significant shortcomings: The country can burn through 15 million barrels of oil in less than a day, while waiting on a bill to pass through Congress is anything but a quick and certain solution.
Realistically, there’s only so much that can be done when so much of the world’s oil is controlled by the decisions of a single organization. Opportunities to counteract the negative effects are limited, to say the least. Practically, this means you should brace yourself for a bit of extra sticker shock anywhere fossil fuels are involved in the near future, from your next tank of gas to monthly energy bills.
In an era of escalating global tensions, it likely won’t be the last time we’re in a situation like this. Experts anticipate the ripple effects of this action by OPEC+ to last beyond the short term, creating new stresses between the United States and the international regulator. The implications of a chilled relationship between the two parties are massively complex, but it’s safe to say that the outlook of the global oil market is only growing more uncertain.
No matter what comes next, there’s going to be a risk of price spikes and unpredictable behaviors as long as we’re dependent on a finite resource that has to be sourced from a small handful of countries.
Fortunately, you don’t have to remain powerless to the turmoil of our global oil markets. There are steps you can take right now to reduce your reliance on the flow of fossil fuels and bring some relief to your budget along the way.
The most direct solution addresses the heart of the issue: If your energy isn’t coming from fossil fuels, you have much less reason to be concerned about their prices. Catalyst Power can help you take a first step toward this noble goal. A Connected Microgrid brings on-site solar energy generation to your property, directly reducing the need for electricity sourced from power plants burning fossil fuels. Each month, part of your traditional energy use will be replaced by new, clean power at a fixed low rate.
Don’t leave yourself vulnerable to energy prices that are subject to change with the global oil supply. A Connected Microgrid offers immediate savings and more stability in your monthly budget—plus, you’ll be doing the environment a big favor by using energy that comes from renewable sources instead of harmful fossil fuels. It’s an all-around effective way to shift your energy use in a more sustainable direction.
