Get ready for the shock of the home heating bill sticker this winter
By now you have clearly noticed that almost everything has become more expensive. Problems with the supply chain have made life difficult and more expensive for businesses and are passing on to consumers. Now we are learning that it is going to be very expensive to heat your home this winter too. Looks 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 jumped nearly 180% in the past 12 months. It hasn’t been this expensive since February 2014. Many fear that an early cold spell or an extremely cold winter season will force homes to turn up heat. This could further reduce countries’ average natural gas stocks. Yes, the prices could go up even higher.
So why have natural gas prices gone up so much? CNN Reports as its supply and demand. When the economy began to rebound from the worst of the pandemic, natural gas production did not. Now, demand is growing faster than supply can keep up, forcing prices to rise. Hurricane Ida also halted oil and gas production along the Gulf of Mexico for weeks.
Is there anything that we as consumers can do to fight rising prices? You can call your utilities and ask if the prices will be higher this year. You may also want to establish a budget billing plan so that you know exactly how much your heating bill will be each month. At least that will save you the surprise of opening your bill every month!
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