Expect Higher Winter Heating Bills

Despite the recent drop in crude oil prices, keeping warm this winter is likely to have a chilling effect on household budgets as Americans continue to face record-breaking heating costs.

According to the Energy Information Administration’s Short-Term Energy Outlook, updated in October, the situation is not pretty, no matter which way you slice it.

  • If you use natural gas, you will pay, on average, $1,010 this winter — $155 more than last year, an 18 percent increase.
  • If you stay warm using heating oil, you’ll need to come up with approximately $2,388 this winter — an additional $449 over last year, up 23 percent from a year ago.
  • If you have a propane system, expect to pay about $1,861, or $188 more this winter, up 11 percent from last year.
  • If you depend on electricity to run your heating system, the EIA predicts that you’ll pay $947 this winter, $89 more than last year, up 10 percent.

Read the rest of the article at Yahoo! Finance for some ideas on how to lower your heating bill.

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