If you thought inflation was a problem this summer and fall, just wait until you try heating your home this winter.
Americans can expect their home heating bills to jump significantly over the winter months compared to last year, the EIA reported — with some citizens possibly paying 54% more.
What's this now?
The EIA released its Winter Fuels Outlook report Wednesday, and the news was not good for the American people. Heating prices across all types of heating — natural gas, electricity, propane, and heating oil — are expected to rise significantly for the coming months.
According to the EIA, "retail prices for energy are at or near multiyear highs" in the U.S. as the nation continues to experience supply problems.
Natural gas users can expect to spend about a third more than they did in 2020-21, while electricity users will see a 6% bump. Those using heating oil should expect to pay more than 40% more, and propane users will really get the shaft, with estimates projecting a 54% hike in heating prices.
And that's if we experience an average winter. If the nation sees a colder winter, bills will jump even higher, with propane heating costs projected to nearly double from a year ago.
From the EIA:
● We expect that the nearly half of U.S. households that heat primarily with natural gas will spend 30% more than they spent last winter on average — 50% more if the winter is 10% colder-than-average and 22% more if the winter is 10% warmer-than-average.
● We expect the 41% of U.S. households that heat primarily with electricity will spend 6% more — 15% more in a colder winter and 4% more in a warmer winter.
● The 5% of U.S. households that heat primarily with propane will spend 54% more — 94% more in a colder winter and 29% more in a warmer winter.
● The 4% of U.S. households that heat primarily with heating oil will spend 43% more — 59% more in a colder winter and 30% more in a warmer winter.
U.S. Energy Information Administration
The new report is, the Associated Press said, "is the latest reminder of the higher inflation" consumers are suffering under. Earlier Wednesday, the government released a report showing prices were 5.4% higher for American consumers in September than they were a year ago — the highest inflation in 13 years.