Posted on 10/14/2021 10:12:05 AM PDT by MNJohnnie
The average heating cost for a U.S. household is forecasted to see a double-digit increase this winter, according to the U.S. Energy Information Administration (EIA) in its October winter fuels outlook (pdf).
Retail energy prices are expected to approach “multiyear highs” due to supply-demand changes following the pandemic as well as a colder winter ahead.
Propane costs are forecasted to rise by 54 percent, heating oil costs to rise by 43 percent, natural gas costs to rise by 30 percent, and electricity costs to rise by 6 percent.
With natural gas consumption projected to rise by 3 percent this winter, households are expected to spend $746 this winter, up from $573 last winter.
The increase in natural gas heating costs varies by region with the Midwest U.S. leading the price hike at a 45 percent increase from last winter, and the Northeast expecting a hike of 14 percent.
Nearly half of all U.S. households use natural gas as the primary source of heating.
Households relying on heating oil over winter will spend $1,734 over winter, relative to $1,212 last winter.
Houses in Northeastern regions will be more affected by the price hike as nearly one in five homes in the region rely on heating oil as their primary source of space heating.
The projection is based on the Brent crude oil price, which helps determine the prices of U.S. petroleum products.
“The higher forecast Brent crude oil price this winter primarily reflects a decline in global oil inventories compared with last winter as a result of global oil demand that has risen amid restrained production levels from OPEC+ [Organization of the Petroleum Exporting] countries,” according to the EIA.
While most households commonly use electricity for heating, 41 percent rely on electric heat pumps or heaters as their primary source for space heating.
These homes should expect to spend $1,268 this winter season, relative to $1196 last year. This projection accounts for 3 percent more residential electricity demand with more Americans working from home, a colder winter, as well as a rise in fuel costs for power generation.
“During the first seven months of this year, the cost of natural gas delivered to U.S. electric generators averaged $4.97/MMBtu, which is more than double the average cost in 2020,” stated EIA.
The 5 percent of U.S. homes using propane as the primary means to heat can expect to spend $631 more on average compared to last winter, depending on the location.
Residents of the Midwest can spend an average of $1,805 this winter, reflecting higher propane prices and a 2 percent increased consumption.
Propane prices have been at their highest since February 2014 due to increased global demand, relatively flat U.S. propane production, and limited oil supplies from OPEC+ countries.
The estimated rise in energy consumption projected by the EIA may vary with weather conditions in the 2021–22 winter season.
Florida!
Still, I live in the panhandle. I’ll likely have to break out a heater.
No worries my 5.9% social security and saving 6 cents on a hot dog back in July will cover the costs.
you saved 16 cents
plan a luxury vacation
Too bad the Midterm Elections aren’t this November.
I’m sure the Federal Government will be sending out Inflation Relief Checks next year just in time for the real Midterms.
San Antonio - still got about a cord and a half of firewood, even after February’s icepocalypse. I guess I’ll be using more of it this winter. Most winters, it’s because the Colonel’s Wife likes a fire and s’mores...
Geez that’s a lot of wood!
Stock up on those canned and dry goods to help weather high heating bills. Jealous of Floridians ;)
If correct, diesel prices will probably go to $4.50 to $5.00
Everything we eat wear or drink rides behind a diesel.
That will result in more inflation for every thing we buy.
A direct result of Biden cancelling the Keystone pipeline and his cancelling of oil leases. We have in that short a time period changed from energy independent to a massive energy importer.
And my tagline becomes more accurate every day.
I have eight cords of wood since I am a crazy paranoid extremist hoarder with one big wood stove and one small one.
I could _smell_ the inflation coming six months ago....
Those who lived through the Jimmy Carter years have developed our sixth sense when it comes to future inflation and energy shortages/price increases.
No way I am putting on a sweater indoors!
Let’s go Brandon.
Wow, this person who made that rather sage comment should be on Jeopardy. Let me see, natural gas at $2 last year verses $5 this year, yup great observation.
Ah, my Captain Obvious feeds prove correct again.
And again.
And again.
Only our (corrupt & loathsome) government and the media are “surprised”.
“...due to supply-demand changes following the pandemic...”
Uhh, Epoch Times, it’s not the pandemics fault...it’s Biden’s,
I remember back when I was a kid old people were freezing to death in the cities during winter. Probably the Carter years. Then they made it against the law to turn off the utilities in winter. Now people will just get it shut off next Spring and owing $2000.00
Our house is relatively small, but we have 25 acres of woods. The house is too small to permanently install a wood burning stove.
However, I’ve discovered we could get a “tent” stove for less than $150 and I could run the flu through a wall by removing the top half of our verticle sliding windows and replacing it with a board with a flu running through it. And something like that could “mostly” heat our home. I’d only have it running during the day while we’re there and remove it to the shed once our short “cold” season ends.
The idea is that we could mitigate heating costs if they really spike as they did in California a while back.
I will need to leave that to those 50 years my junior.
If we had Real Man Made Global Warming sending the planet in to a catastrophic heating frenzy, we wouldn’t need heat and Winter would never come.
I envy those with wood stoves. I miss the one used when raising my family. Nothing beats the warmth of a wood stove.
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