The US government expects households to see their heating bills increase by 54% compared with last winter. U.S. consumers will spend more to heat their homes this winter than last year due to surging energy prices, the U.S. Energy Information Administration (EIA) projected in its winter fuels outlook on Wednesday.
US natural gas has climbed to its highest price since 2014 and is up roughly 90% over the last year. The wholesale price of heating oil has more than doubled in the last 12 months.
The biggest reason for this winter’s higher heating bills is the recent increase in prices for energy commodities after they dropped to multi-year lows in 2020. Demand has simply grown faster than production. Another reason for the rise is how global the market for fuels has become.
Additionally, thank Democrats who are destroying the fossil fuel industry with nothing ready to replace it. Democrats said they want to increase fossil fuel costs exponentially so solar and wind look more attractive.
Those in the midwest would see bills up an estimated 49%. This could be the most expensive winter for natural gas-heated homes since 2008-2009.
The National Energy Assistance Directors Association (NEADA) estimates it will cost Wisconsin residents from 1,025 to $1,202 to heat an average home this winter. That’s an exorbitant increase of more than 17.2% compared to last winter. It’s the second year in a row of major increases.
Between 2020-21 and 2021-23, the cost of home energy would increase by more than 35%. Some utilities are already sending notices to customers ahead of price hikes.
According to Mark Wolfe, Executive Director of NEADA, the rise in home energy costs this winter will put millions of lower-income families at risk of falling behind on their energy bills. They will be forced to choose energy over food, medicine, and rent.
The NEADA has asked for $5 billion to cover costs for poor families, money which will come from the middle class or the printer.