According to the U.S. Energy Information Administration’s 2021 data, households can expect their heating bills to increase by up to 54% this winter compared to last. According to experts, this is due to the current state of supply and demand. Aside from supply and demand, experts predict a colder winter.

Millions of households around the world have faced high gas bills as energy prices have risen. Although the United States has not yet experienced such chaos, fuel prices have risen to multi-year highs, putting a strain on household finances as the weather turns colder this year.

Most homes in the U.S. use natural gas for heat, and could see cost jump this winter, 30% more than a year ago.

Those who use heating oil or propane – around 10% – could see their costs jump by 54% and 43% respectively.

For those who use electricity for heating, costs should rise by a more modest 6%, it said.

This year’s winter is expected to be slightly colder than last year’s. This means that people will have to use more fuel to stay warm. If the winter turns out to be even colder than predicted, heating bills may be higher than expected, and vice versa.

You May Also Like

EXCLUSIVE Shell plans to exit California joint venture with Exxon Mobil -sources

Royal Dutch Shell Plc (RDSa.L) plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp (XOM.N), four people familiar with the talks told Reuters.

U.S. investors lean on blank-check firms in search for energy transition targets

Former U.S. oil investment bankers, portfolio managers and executives have formed over 20 listed blank-check companies to take renewable energy companies public, with more listings expected.