U.S. Forecasts Record Heating Prices as Winter Returns [View all]
U.S. households that use heating oil will face record prices this winter as weather forecasters predict colder temperatures in the Northeast after an unusually warm season last year, according to a government report.
The Energy Information Administration, which tracks and analyzes energy data, projects households will spend 19 percent more on average for heating oil and 15 percent more for natural gas from Oct. 1 to March 31, the period covered in its short- term energy and winter fuels outlook released today.
About half of U.S. households use natural gas as their main heating source. While only 6 percent of U.S. homes use heating oil, 80 percent of families that use the fuel are clustered in the northeastern part of the country, according to the EIA.
“The forecast for higher household expenditures primarily reflects a return to roughly normal winter temperatures east of the Rocky Mountains compared with last winter’s unusual warmth,” the report says.