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With the global price of natural gas, heating oil and other fossil fuels soaring, heating costs in the United States will soar this winter.
Winter is here, and American consumers had better prepare for the sharp rise in heating bills. This is information from the US Energy Information Administration.
EIA stated in its latest short-term energy outlook on Wednesday: “As we enter the winter of 2021-22, the US retail energy prices are at or close to multi-year highs.” Households will spend more on energy because energy prices are rising, and we assume that winters in most parts of the United States will be slightly colder than last year.”
For families who are already struggling to maintain their livelihoods and now have to deal with the soaring costs of natural gas, electricity, heating oil and propane, these numbers are grim.
Nearly half of American households that rely mainly on natural gas for heating are expected to spend an average of 30% on heating this winter. If the temperature this winter is 10% lower than the average temperature, their heating bills may rise by 50% or more.
It is estimated that this winter, about 40% of American households that rely on electricity for heating will spend an average of 6% more money, and if the temperature is below average, they will spend 15% more money.
The 5% of American households that rely on propane have really been hit. This winter, their heating bills may soar by an average of 54%. If the winter is colder, they may end up paying 94% more.
It is estimated that 4% of households who use heating oil this winter will pay 43% more than last year and 59% in colder winters.
EIA defines the winter heating season as October to March. Its expectations for the cold winter are based on the National Oceanic and Atmospheric Administration (NOAA) forecast.
The soaring heating costs are expected to cause more suffering to American families, especially low-income families, who must also struggle with the higher costs of other necessities such as food and shelter.
The US Department of Labor said on Wednesday that the US consumer price index rose 0.4% in September after rising 0.3% in the previous month.
Inflation has become a sign of the recovery of the U.S. and global economies from last year’s COVID lockdown, which is driven by demand stimulus, supply chain bottlenecks, and raw material shortages.
These forces have raised prices for companies, and many of them have been passed on to consumers.
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