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Illustration: Shoshana Gordon/Axios

Higher home energy prices heading into the chilly months are the latest energy-related problem facing Joe Biden at a sensitive time in his young presidency.

Driving the news: The Energy Department's independent stats arm projects heating bills this winter will rise thanks to higher commodity prices and predictions of a colder winter.

  • The White House is already grappling with rising gasoline prices, which per AAA now average $3.30 per gallon, a seven-year high.
  • Bloomberg reports that several Cabinet secretaries and top White House aides gathered Tuesday night to discuss rising gasoline and natural gas prices.
  • Meanwhile, per Reuters and Politico, the administration has been speaking with the industry about ways to curb prices.

Why it matters: Higher oil, gasoline and natural gas prices have political and policy ramifications.

  • They come as President Biden's approval ratings have been trending generally downward in recent months, and Democrats face a high risk of losing one or both chambers of Congress in 2022.
  • Meanwhile, the oil industry is arguing that climate provisions Democrats hope to move through Congress — like a new fee on methane emissions — would raise consumer costs (whether this would be significant is hardly clear).
  • The global energy price and supply crunch might complicate efforts to spur new climate policies at or after the looming UN climate summit. Or it could have the opposite effect, who knows!

Reality check: Presidents have little sway over energy prices, which are largely set by market forces and have risen for several reasons.

  • They include the global economic return from the pandemic, OPEC's production restraint, and U.S. oil-and-gas output that remains far below pre-COVID levels.

Go deeper: Global energy crisis could dim climate hopes

Go deeper

Ben Geman, author of Generate
24 hours ago - Energy & Environment

Report: Markets like carbon-cutting firms

Expand chart
Data: Lazard Climate Center; Chart: Jared Whalen/Axios

Analysis of companies' market performance shows a relationship between emissions-cutting and higher share prices relative to earnings, a metric of investor confidence.

Driving the news: Lazard, a financial advisory firm, explored the equity values and emissions of over 16,000 companies in 2016-2020.

Dec 2, 2021 - Podcasts

Roe v. Wade hangs in the balance

The Supreme Court heard arguments Wednesday in a challenge to Mississippi’s law that bans abortion after the 15th week of pregnancy. It’s the most significant abortion case in years and a direct challenge to Roe v. Wade.

  • Plus, Stacey Abrams announces a run for Georgia governor in 2022.
  • And, putting high gas prices in perspective.

Guests: Harvard University constitutional law professor Noah Feldman and Axios' Emma Hurt and Ben Geman.

Credits: Axios Today is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Julia Redpath, Alexandra Botti, Nuria Marquez Martinez, Alex Sugiura, Sabeena Singhani, David Toledo and Jayk Cherry. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.

Go Deeper:

Elon Musk's mega-billion bounty

Photo: Patrick Pleul/picture alliance via Getty Images

Here's how insanely rich Elon Musk is: He has unloaded $10 billion of his stock in the past month — and could do that 15+ more times given his silos of shares.