Be prepared to pay a sharply high invoice for this winter’s heating, along with seemingly everything else.
With kerosene, natural gas and other fuel prices skyrocketing globally, the US government said Wednesday that it expects home heating costs to jump 54% compared to last winter.
Almost half of US homes use natural gas for heat and could pay an average of $ 746 this winter, 30% more than it was a year ago.
People in the Midwest are particularly pinched, and billing can increase by an estimated 49%, which could be the most expensive winter for natural gas-heated homes since 2008-2009.
Electricity is the second most used heat source in households, accounting for 41% of the country, which could increase by 6% to $ 1,268.
For homes that use kerosene, which accounts for 4% of the country, a 43% increase (over $ 500) could be $ 1,734.
The sharpest increase can occur in homes that use propane, which accounts for 5% of US households.
This winter is expected to be a little colder than last year nationwide.
Forecast from the United States energy Information management is the latest in reminders of rising inflation across the global economy.
Earlier Wednesday, the government released another report showing that US consumer prices in September were 5.4% higher than they were a year ago.
This is consistent with the highest inflation rate since 2008. This is because the economic awakening and disruption of the supply chain are pushing up prices for everything from cars to groceries.
The biggest reason for the soaring heating costs this winter is the recent soaring prices of energy products after falling to a few years’ lows in 2020. Demand grew faster than production as the economy regained its vitality after the coronavirus shut down.
US natural gas has risen to its highest price since 2014, up about 90% compared to last year. Wholesale prices for kerosene have more than doubled in the last 12 months.
Another reason for the rise is how global the fuel market has become.
US heating costs will jump 54% this winter, the government says | US News
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