Energy Sources

Home Heating Costs Expected to Decrease this Winter in the US

Main image to the post Home Heating Costs Expected to Decrease this Winter in the US

The US Energy Information Administration has forecasted a notable decrease in natural gas bills for households in the US this winter compared to the previous one. In regions across the country, including the West and Northeast, prices for natural gas heating are expected to drop sizably. The decline in prices is driven by increased crude oil production, leading to higher inventories and subsequently lower heating costs for many homes that rely on natural gas as their primary fuel source.

According to the US Census Bureau, natural gas is the primary heating fuel for 46% of homes in the nation. The EIA estimates that the US national average for natural gas bills is projected to decrease from $764 for all of last winter to $601 this upcoming winter, marking a significant decline of over 21%. The West is expected to see the most drastic change with a 30% decrease in natural gas bills, while the Northeast, historically having higher natural gas costs, is projected to see a decrease from $924 to $761 for the average household with natural gas heating.

Despite warmer temperatures in January and February 2023 impacting natural gas prices favorably, the EIA warns that prices may rise in those months in 2024 for non-West regions. This could potentially affect the Midwest the most, given its large number of homes reliant on natural gas heating. While the West may experience lower heating costs overall due to expected warmer temperatures, the EIA suggests that winter heating prices on the whole may remain relatively steady.

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May 21, 2023 | 05:09