• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Bautis Financial

Bautis Financial

Secure your Castle, Achieve your Dreams.

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

U.S. Heating Costs are Expected to Tick Up This Winter

November 2, 2022 by Bautis Financial
U.S. Heating Costs are Expected to Tick Up This Winter

U.S. consumers can expect to pay up to 28% more to heat their homes this winter, as compared to last, due to surging fuel costs and a forecast for colder weather.

A colder-than-average winter forecast, combined with high energy prices, are expected to significantly raise heating costs for many U.S. customers this coming winter season, the Energy Information Administration has reported.

As the invasion of Ukraine by Russia persists, energy produces continue to cause turmoil on global markets. Oil price fluctuations are the result, and customers are not only paying more at the pump, but they’re also paying more for energy costs at home.

A forecast from the Energy Information Administration released in October expects households that heat with oil or gas to experience an increase in cost of 27% and 28%, respectively, compared to 2021. Those who heat with electricity — still the less cost-efficient option compared with gas — will experience a 10% uptick in price.

The report includes full regional breakdowns for gas and electricity heating, showing that gas heating households in the Northeast are projected to pay $1,000-$1,100 for the season.

Average heating oil expenditures had already been higher in the U.S. as oil use is concentrated in the colder Northeast, where 18% of households use it as their primary heating energy. Overall, just 4% of the U.S. heats with oil. 

U.S. energy price increases are still moderate compared to European markets, where the lack of Russian gas the continent normally relies on has led to an astonishing price rally.

Related: The OPEC+ Alliance Announce Massive Cuts to Oil Output

Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:

Bautis Financial’s Amazon Alexa Daily Flash News Briefing
Category: Finance NewsTag: Energy, Energy Bill, Energy Costs, Heating Costs
Previous Post: « Taking the Temperature: Millennial Financial Health Taking the Temperature: Millennial Financial Health
Next Post: Episode 129 – When Will We Hit Peak Inflation? When Will We Hit Peak Inflation? »

Subscribe to Our Insights

Sign up to receive valuable financial insight and updates straight to your inbox each week.

Social

Follow along on social media

Contact

Bautis Financial
7 North Mountain Ave
Montclair, NJ 07042
Get directions
862-205-5800
Contact

Navigation

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

Copyright © 2023 · Bautis Financial · All Rights Reserved · Powered by Mai Theme

Return to top