If you believed inflation was an issue this summer, just wait until you heat your home during the coming winter months.
At least, that seems to be the warning coming from the United States Energy Information Administration in its brand new Winter Fuels Outlook report published on Wednesday.
Americans can anticipate their heating bill to go up significantly over the next winter months when compared to the same time last year, the EIA said — with some Americans possibly being forced to pay 54% more.
The EIA published its Winter Fuels Outlook report on Wednesday, and the news was bad. Heating prices from natural gas to electricity to propane are all expected to go up significantly for the upcoming months.
According to the EIA, “retail prices for energy are now at or close to multiyear highs” in the United States as the country continues to have supply problems.
Natural gas users can anticipate spending around a third more than than 2020, while electricity customers get a 6% bump. Those using heating oil will pay over 40% more, and propane users will really pay a 54% increase in heating prices.
And that’s if we have an average winter. If the country sees a colder winter, bills will go up even higher, with propane heating almost being double from one year ago.
From the EIA:
“We expect that almost half of American households that heat using natural gas will have to spend 30% more than last winter — 50% more if the winter is 10% colder than normal and 22% more if the winter is 10% warmer than normal.”
“We expect that households that heat using electricity will have to pay 6% more — 15% more in the case of a colder winter and 4% more for a warmer winter.”
“With propane it is 54% more — 94% more in the case of a colder winter and 29% more for a warmer one.”
“With heating oil it is 43% more — 59% more for a colder winter and 30% more for warmer.”
The new report is, the AP said, “is the newest reminder about the higher inflation” customers are suffering through. Earlier this Wednesday, the federal government put out a report revealing prices at 5.4% higher for American customers in Sept. than they were one year ago — the most inflation seen in 13 years.
Author: Blake Ambrose