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Price of Heating Oil Predicted to Rise this Year

The Energy Information Administration has warned people that the cost of Heating Oil is expected to rise 43% compared to last year. They also predict that this year is different because of the price of the Heating Oil and consumption of energy due to the colder winter.

The Energy Information Administration expects propane costs to rise by 54%, natural gas costs to rise by 30% and electricity costs to rise by 6%. According to the EIA’s winter fuels projection, the average U.S. household will spend $1,734 heating their homes with Heating Oil during the 2021-2022 winter season, up from $1,210 last year, $1,268 with electricity, up from $1,192 last year, and $746 with natural gas, up from $572 last year.

Price of Heating Oil Predicted to Rise this YearResidential costs will raise between $11 and $14 per thousand cubic feet (Mcf) for natural gas, compared to around $7 to $12 per mcf last year, about $2.50-$3.50 per gallon for propane, compared to around $1.50-$2.50 per gallon last year, and almost $3.50 per gallon for Heating Oil, compared to $2.50 per gallon for Heating Oil last year, according to the EIA.

Nearly half of American families who use natural gas might spend 50% more in a colder-than-average winter and 22% more in a warmer-than-average winter, according to the 41% of U.S. households that use natural gas. Energy prices climbed 1.3% in September and are now up 24.8% over the past year. Food prices, meanwhile, jumped 0.9% last month and are now up 4.6% annually.

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