Dreading winter’s bitter bill

Heating costs are expected to climb this winter putting additional pressure on Americans already hurt by high gasoline and food prices.

NEW YORK (CNNMoney.com) — Home heating bills are expected to soar this winter and Americans, already struggling with high gas and food prices, are bracing for more financial hardship.

On average, consumers are expected to pay $1,182 to heat their homes this year, up 20% from last year, according to recent estimates from the Energy Information Administration (EIA).


But the outlook for the Northeast, where 8 million households depend on heating oil, is even more worrisome. Homeowners in the region are expected to spend an average of $2,725 on heating oil this winter.

The looming spike in heating costs could pose an even more serious threat to household budgets than the high price of gas, according to Tancred Lidderdale, a senior EIA economist.

“When gas prices go up consumers have options,” he said. They can drive less or use public transportation. But when it comes to home heating, “households have fewer options.”

CNN