Connect with us

Money

Feds to Americans: Expect your heating bills to soar big-time this winter — as much as 54%

Feds to Americans: Expect your heating bills to soar big-time this winter — as much as 54%

If you thought inflation was a problem this summer and fall, just wait until you try heating your home this winter.

At least, that appears to be the warning from the U.S. Energy Information Administration in its new Winter Fuels Outlook report released Wednesday.

Americans can expect their home heating bills to jump significantly over the winter months compared to last year, the EIA reported — with some citizens possibly paying 54% more.

What’s this now?

The EIA released its Winter Fuels Outlook report Wednesday, and the news was not good for the American people. Heating prices across all types of heating — natural gas, electricity, propane, and heating oil — are expected to rise significantly for the coming months.

According to the EIA, “retail prices for energy are at or near multiyear highs” in the U.S. as the nation continues to experience supply problems.

Natural gas users can expect to spend about a third more than they did in 2020-21, while electricity users will see a 6% bump. Those using heating oil should expect to pay more than 40% more, and propane users will really get the shaft, with estimates projecting a 54% hike in heating prices.

And that’s if we experience an average winter. If the nation sees a colder winter, bills will jump even higher, with propane heating costs projected to nearly double from a year ago.

From the EIA:

U.S. Energy Information Administration

The new report is, the Associated Press said, “is the latest reminder of the higher inflation” consumers are suffering under. Earlier Wednesday, the government released a report showing prices were 5.4% higher for American consumers in September than they were a year ago — the highest inflation in 13 years.

This content was originally published here.

Continue Reading
Comments