30% Higher Prices
The warning is out there: Expect higher heating prices this winter. The Energy Information Administration warns that nearly half U.S. households that heat their homes with mainly natural gas will spend an average 30% more on bills compared to last year.
The agency added that bills would be 50% higher if the winter is 10% colder than average and 22% higher if the winter is 10% warmer than average.
Energy Crisis: A Carter Era Redux
The WSJ reports on the EIA’s winter fuels outlook, which projects that U.S. households will spend more on energy this winter than they have in several years.
The agency attributed its forecast to rising energy prices—natural-gas futures have this year reached a seven-year high—and the likelihood of a more frigid winter than what most of the country saw last year.
The looming increase, on top of rising prices for many consumer goods and commodities, is likely to cause stress for Americans at many income levels. Economists warn that the larger utility bills are most likely to affect those households still hobbled by the Covid-19 pandemic.
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