Oil Price Surge Puts Squeeze on Winter Heating Costs

A recent surge in global oil prices is expected to hit U.S. households hard this winter, as heating costs are projected to rise at a pace more than twice the level of overall inflation.

The average household will spend $1,030 to heat their home this winter, an increase of 8.7% compared to last year, according to the National Energy Assistance Directors Association (NEADA).

Households that rely on heating oil will suffer a staggering average price increase of 31.3% compared to last year, while those who depend on natural gas are expected to face a jump of 5.8%.

The sharp rise in crude costs has propelled diesel prices to a record high and pushed the average price of a gallon of regular gasoline to $4.46, AAA data showed.