Northeastern Americans Face Near 50 Percent Spike in Heating Bills This Winter

Fuel costs are rising amid conflicts between the U.S., Iran, and Russia, Ukraine, which may lead to significantly higher heating bills for nearly five million American households in the Northeast this winter.

The price of diesel is increasing, and since heating oil and diesel prices tend to move together, the cost of heating oil will likely rise as well.

William O'Neil, principal research analyst at S&P Global, stated that those Americans could end up paying nearly 50% more this year to heat their homes than they were last year.