Get Ready For Home Heating Bill Sticker Shock This Winter
In the meantime you have clearly noticed that almost everything has become more expensive. Supply chain problems have made life difficult and expensive for companies and they pass this on to consumers. Now we hear that it will be very expensive to heat your home this winter too. It seems like we just can’t take a break!
According to the US Energy Information Administration, about half of all households in this country, including mine, use natural gas to heat their homes and water. It could be a very expensive winter for these households. CNN reports that the price of natural gas has increased nearly 180% in the past 12 months. It’s not that expensive since February 2014. Many fear that an early cold snap or an extremely cold winter season will force the houses to heat. That could cause the nations’ average natural gas reserves to continue to shrink. Yes, prices could go higher.
Why have the prices for natural gas increased so much? CNN reports that its supply and demand. When the economy recovered from the worst of the pandemic, natural gas production did not. Now demand is growing faster than supply can keep up, which is driving prices up. Hurricane Ida also paralyzed oil and gas production in the Gulf of Mexico for weeks.
Can we as consumers do something about rising prices? You can call your utilities and ask if the prices are higher this year. You may also want to create a budget so you know exactly what your heating bills will be each month. At least that takes away the surprise when you open your bill every month!
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