WASHINGTON, D.C. – In the midst of a 40-year high surge in national inflation giving a one-two punch combination to American’s wallets, people will now be forced to endure even more financial hardship as a new report says that heating costs are expected to increase by over 17 percent this upcoming winter season.
Families were already forced to contend with high energy costs this past summer, and that situation isn’t likely to change during the colder weather, according to the National Energy Assistance Directors Association (NEADA).
In a report released earlier in September, NEADA anticipated a 17.2 percent increase in the average cost to heat a home year-over-year, with that actual dollar amount jumping from $1,025 to $1,202, a difference of $177 per household.
This increase is being driven by a corresponding increase in the cost of heating oil and natural gas, with the former jumping approximately 54 percent to $1,876 and the latter going up 24 percent to $709.
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Overall, Americans are expected to pay $149.9 billion this year to heat their homes this winter – utilizing oil, natural gas, electricity, and propane – up from $127.9 billion last year.
Nick Loris, Vice President of Public Policy C3 Solutions – a company that focuses on clean energy policy solutions – noted that the rise in heating costs are essentially going to kick Americans while they’re already financially down due to the nation’s current economic crisis.
“Whether it’s through electric, natural gas or oil, prices are up across the board,” he said. “And more money dedicated to paying for heat means fewer resources are essential for human well-being, such as food or healthcare. But the impact will be regressive, hurting the poor the most since they spend a higher percentage of their budget on energy costs.”