BELOW SUPERNAV drop zone ⇩

Heating costs to rise this winter as supplies dwindle

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

(NewsNation) — Home heating costs are soaring as fuel supplies tighten across the globe, setting up this winter to be extra costly.

For a lot of people who depend on home heat in the winter, it is a serious issue.

Americans are already dealing with record inflation. The price of gas, groceries and rent have all gone up.

Now, the Department of Energy is predicting that if you use natural gas to heat your home, your bill is probably going to go up. The department expects heating bills to rise about 28%, which the Energy Information Administration estimates is an extra $200 for the winter.

Heating oil is projected to increase about 27% this winter, and those who rely on electricity should expect an increase of about 10%, or an estimated $123 extra, for the cold months, the predictions stated.

For the Northeast states that mostly rely on heating oil — New York, Connecticut, Pennsylvania and Maine — expect to see caps put on those purchases, according to a report from Axios. The rationing measures are only to prevent panic buying and hoarding.

Heating oil stockpiles are lower than what they’ve been in previous years, partly due to to the pandemic and partly due to the war in Ukraine, as well as product pricing.

“There’s just no incentive to store large amounts of products given the market conditions for purchasing more expensive heating oil in the future,” the president of the Massachusetts Energy Marketers Association Michael Ferrante said. “It’s best to take a just-in-time inventory approach.”

If a family is in need of assistance, they can go to their state’s website and see if they qualify for energy assistance. Congress allotted a billion dollars more to these programs last month. Some cities are also considering implementing moratoriums so that heat does not get shut off in homes during the winter.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Partly Cloudy

la

61°F Partly Cloudy Feels like 60°
Wind
6 mph SSW
Humidity
52%
Sunrise
Sunset

Tonight

Partly cloudy this evening, then becoming cloudy after midnight. Low 48F. Winds light and variable.
48°F Partly cloudy this evening, then becoming cloudy after midnight. Low 48F. Winds light and variable.
Wind
4 mph N
Precip
2%
Sunset
Moon Phase
Waning Crescent