U.S. consumers will spend more to heat their homes this winter than last year due to surging energy prices, the U.S. Energy Information Administration (EIA) projected in its winter outlook on Wednesday.
Energy prices have risen sharply worldwide, causing power crunches in large economies like China and India. The United States has, so far, not seen that same effect, even though the prices of fuels ranging from natural gas to heating oil and propane have risen notably and will hit household finances as the weather turns colder.
Propane Oil to Rise the Most: 54%
“The main reason wholesale prices of natural gas, crude oil, and petroleum products have risen is that fuel demand has increased from recent lows faster than supply, in part, because of economic recovery after the first year of the COVID-19 pandemic,” the EIA said.... Read More: Newsmax