Fuel Prices Soar To Record High! Heating Fuel To Devastate America, Natural Gas Prices To Soar 32%

The average U.S. household heating bill is expected to increase by 17.2 percent this winter compared to last year
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The average U.S. household heating bill is expected to increase by 17.2 percent this winter compared to last year, according to a forecast by the National Energy Assistance Directors Association (NEADA).

Families had already faced higher than average electric bills last winter due to inflation and this year provides no improvement.

NEADA assists state agencies under the Low Income Home Energy Assistance Program, (LIHEAP) in distributing federal assistance to help low-income families pay their utility bills.

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Lower-Income Households Will Struggle
The total cost of heating would increase from $127.9 billion to an estimated $149.9 billion, with lower-income households facing the brunt of the burden.

“The rise in home energy costs this winter will put millions of lower-income families [at] risk of falling behind on their energy bills and having no choice but to make difficult decisions between paying for food, medicine and rent,” said Mark Wolfe, executive director of NEADA.

“As a result, NEADA sent a letter last week to the Congressional Leadership asking for a supplemental increase in LIHEAP of $5 billion to cover the higher cost of home heating and cooling as a result of [an] increased number of summer heat waves,” Wolfe added.

A Con Edison power plant stands in a Brooklyn neighborhood across from Manhattan in New York City in a file photo. (Spencer Platt/Getty Images)

The company explained that it “buys natural gas and electricity on the wholesale markets and uses a variety of strategies to stabilize pricing for customers.”

The average monthly natural gas bill in the NYC area will grow 32 percent, from $348 a year ago to $460.

Electricity costs will jump between 22 and 27 percent for residents from November 2022 through March 2023.

Con Ed explained that supply costs account for the majority of the price increases, which rose about $90, while delivery charges hit $22.

“Natural gas prices are up 33% from just one year ago. As Americans prepare to reach home heating season, this could be disastrous for working families and seniors on fixed incomes,” said Rep. Claudia Tenney, (R-NY) in a statement.

“The U.S. needs an all-of-the-above energy strategy that will drive down costs for consumers,” said Tenney.

National Grid of Massachusetts, announced last week that it would increase electricity rates by 64 percent from November through May 2023.

The average monthly bill for residents in that state will increase from $179 to $293, while hiking home heating and natural gas rates by at least 22 percent during that period.