Northeasterners Face Soaring Heating Bills Amid Fuel Price Surge
Fuel costs are rising amid the U.S.-Iran and Russia-Ukraine wars, leading to higher heating bills for Americans in the Northeast this winter. The price of diesel is increasing, which will also impact the cost of heating oil used in homes.
Nearly 5 million households use heating oil as their primary heat source, with 82% located in the northeastern part of the country. William O'Neil from S&P Global stated that heating oil and diesel prices tend to move together due to their chemical similarity.
O'Neil predicted that Americans could pay nearly 50% more this year to heat their homes than last year, with residential heating oil prices potentially increasing by $2 per gallon. This would put the price at around $5.75 to $6 a gallon, compared to last winter's average of $3.75 to $4.