The government forecasts that family heating bills will rise by up to $513 this winter.
HOUSEHOLDS should expect their heating expenses to rise by up to $513 this winter, according to official projections.
It comes as natural gas prices have surged to never-before-seen heights.
Heating oil prices are expected to jump 43 percent this year, according to the Energy Information Administration (EIA), which is part of the US Department of Energy.
It is the result of higher predicted fuel costs and increased energy demand.
Meanwhile, the EIA predicts that propane prices would climb by 54%, natural gas prices will rise by 30%, and electricity prices will rise by 6%.
The average household that uses heating oil to heat their houses will see a $513 increase in costs from October to March, up from $1,221 last year to $1,734 this year.
Meanwhile, electricity rates might increase by $59 to $1,268 during the same time period.
As the US recovers from the coronavirus outbreak, this will undoubtedly come as an unwanted bill shock to many households.
Forecasts for cooler-than-usual temperatures are exacerbating the situation.
The National Oceanic and Atmospheric Administration predicts a colder winter this year, which will increase demand, according to the EIA.
According to the EIA: “Retail energy prices in the United States are at or near multiyear highs as we approach the winter of 2021–22.
“The high prices are due to shifts in energy supply and demand as a result of the COVID-19 epidemic.
“We predict households across the United States to spend more on energy this winter than in previous winters due to higher energy prices and a little colder winter,” says the report.
Soaring bills may be difficult to absorb for households on a tight budget.
However, if your bills become out of hand, there are several options for lowering them.
According to Paul Rhoads, vice president of EnergyPricing, there are three things you may do to minimize your gas bill:
Meanwhile, if you live in a deregulated energy state, he suggests looking for “a secure low set price for natural gas prior to the winter” if you live there.
However, if you reside in a controlled state where your local utility company sells and distributes gas, this will not work.
If you’re really struggling, we’ll show you how to get up to $1,000 in financial assistance.
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