Prepare For Substantially Higher Home Heating Costs This Winter
We are experiencing a convergence of a series of bad things all at the same time.
Higher inflation is putting the squeeze on consumers as food prices, rent and many other goods and services are accelerating.
This includes energy costs, as home heating costs are expected to soar this winter season.
The forecast was released yesterday by the United States Energy Information Administration (EIA).
Tye price of fuels, ranging from natural gas, heating oil and propane have risen sharply. As it turns colder, this will become even more pronounced.
”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,“ according to the EIA.
I don’t buy this explanation one bit. Just 9 months ago, America was energy independent and a net oil exporter.
Regressive policies by The Biden Administration are largely responsible for the current soaring energy costs.
For example, on Day 1, Biden “killed”the Keystone XL Pipeline and put other onerous policies into effect by executive order.
Nearly 1/2 of U.S. households use natural gas for heat. The current projection is that consumers should expect to pay 30 percent more than last year.
Even worse, those who heat with propane or heating oil should expect to pay 54 percent and 43 percent more than last year.
The EIA is preparing to release more details later today when it releases its Short-Term Energy Outlook.
To try and help American seniors cope with rising costs, they will be receiving a 5.9 percent COLA to boost their 2022 benefits.
This is the largest increase in decades, amounting to the biggest cost-of-living adjustment in 39 years.
The 39th President, Jimmy Carter was in office during that time of high inflation. Many believe that Biden’s policies are a repeat of the horrific Carter years.
The Consumer Price Index is up more than 5 1/2 percent versus this time last year.
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