According to the U.S. government, heating bills will rise up to 54 percent this winter. That’s more than double the average cost for the past few years. The forecast is even more dire for residents of the Northeast, where natural gas prices are expected to jump up by 30 percent this winter. Meanwhile, electricity prices will only increase by six per cent. Nevertheless, the rising costs will make it difficult to stay warm. For people in the Northeast, this could be a big problem.
While the federal government doesn’t expect winter temperatures to drop to the same level as last year, it does expect the price of oil to rise. It also estimates that the price of natural gas will rise by 56 percent this winter. That means that consumers will pay more for energy. And that means that heating bills will be higher this winter. As a result, households will be paying more to stay warm this season.
One of the biggest reasons why energy prices are rising is the recent glut of supply. Demand for natural gas has surged since 2020, outpacing supply by more than half. And with a strong economy and lower unemployment rates, the demand for natural gas is rising faster than supply. That means that households should expect a higher heating bill this winter.
