Expect to Pay More for Heating This Winter

heatingPropane, Electricity, Propane Prices to Go Up

The government recently announced an unfortunate prediction for this winter: higher prices to heat your home. The prices of natural gas, propane, and electricity will all go up, with natural gas increasing the most.

According to the Energy Department, winter temperatures in the Northeast this year will be about 3% colder than last year, which means we’ll be using more energy to heat our homes. Anyone who uses natural gas as their heat source (which is about 56% of U.S. homes) will see a 13% increase in costs while those who use electricity (about 38% of U.S. homes) will see a 2% increase.

There is some good news for the few heating oil customers: you will see about a 2% drop in price, however you’ll still be paying the second-highest average on record. (Last year was the highest.)

These heating cost hikes are due to a high worldwide demand for all kinds of fuel, including diesel fuel and jet fuel; even though the U.S. has been collecting oil through fracking, supplies are still low in inventory.

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