This winter, be prepared to pay more for heating and all other costs.
The rising global prices of natural gas, heating oil, and other fuels has caused the US government to declare Wednesday that household heating costs are expected to increase 54% over last winter.
The average cost of heating with natural gas in the United States is US$746 per year. This is nearly half of American households. The Midwest is likely to be most nervous. Bills are expected to rise by 49%. This could be the most expensive winter for natural-gas-heated homes since 2008-2009.
Electricity is the second-largest heat source for households, accounting for 41%. These households could see a modest 6% increase to reach US$1,268. The country’s 4% population uses heating oil. It could see a 43% rise from US$500 to US$1,734.
This winter will be slightly colder than last year. This means people may need to heat their homes more often and pay more for each point.
The US Energy Information Administration’s forecast is the latest reminder of rising inflation in the global economy.
On Wednesday, the government released a separate report that showed that September prices for US consumers were 5.4% higher in September than they were a year ago. This is the highest inflation rate since 2008. The recovering economy and chaotic supply chains have caused prices to rise, affecting everything from groceries to cars.
“After the pandemic has ended, it’s time to think about what’s next.” Carol Hardison is the chief executive of Crisis Aid Department. This department helped Charlotte, North Carolina with its economic problems. People.
She stated that the unpaid bills for families who have recently sought assistance are twice as high now as before the pandemic.
She said, “This epidemic is what we know: It strikes people who are already in struggle with wages not keeping pace with the cost of living.”
The US natural gas price has increased to its highest level since 2014 and is up by almost 90% compared to last year. The wholesale price for heating oil has increased more than twice in the last 12 months.
Mark Wolf, the executive director of National Energy Aid Directors Association, stated that this would cause enormous difficulties for the lowest third of the country. You can tell them to cut down on calories at night, and to try to lower calories. But many low-income families already do this. Their energy costs are too high.