Home heating costs will rise sharply this winter, federal government forecasts

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Home heating costs will rise sharply this winter, federal government forecasts
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Compared with last winter, households will spend 54% more for propane, 43% more for home heating oil, 30% more for natural gas and 6% more for electric heating, the US Energy Information Administration says in a new report

Compared with last winter, households will spend 54% more for propane, 43% more for home heating oil, 30% more for natural gas and 6% more for electric heating, the US Energy Information Administration said in a new report Wednesday. The EIA expects home heating prices to rise across the country, for all heating fuels and under a variety of weather contingencies. The forecast reflects a spike in energy costs, especially oil and natural gas.

"These dynamics are raising energy prices around the world."Read MoreEnergy sticker shock is even more extreme overseas, especially in Europe, where natural gas prices have skyrocketed. The situation is being amplified by forecasts for cooler-than-usual temperatures. The EIA noted that the National Oceanic and Atmospheric Administration expects a slightly colder winter this year than last year — and that in turn will drive up energy consumption."U.S.

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