EIA forecasts higher U.S. heating bills this winter
The U.S. Energy Information Administration (EIA) expects that U.S. households will spend more money on heating costs this winter and consume more energy to keep homes warm. In its Winter Fuels Outlook, EIA forecasts an increase in average heating prices this winter for all regions of the United States and all heating fuels under a wide variety of weather conditions.
Compared with last winter’s heating costs, EIA forecasts U.S. households will spend 54% more for propane, 43% more for heating oil, 30% more for natural gas, and 6% more for electric heating. U.S. households will spend even more if the weather is colder than expected.
“As we have moved beyond what we expect to be the deepest part of the pandemic-related economic downturn, growth in energy demand has generally outpaced growth in supply,” said EIA Acting Administrator Steve Nalley. “These dynamics are raising energy prices around the world.”
In addition to higher fuel costs, the National Oceanic and Atmospheric Administration expects a slightly colder winter this year than last year. EIA expects those colder temperatures to increase U.S. energy consumption for heating this winter.
“The higher global and domestic energy prices that are resulting from economies beginning to grow again are going to translate into larger household bills for energy this winter,” Nalley said.
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