US-Iran War Drives Up Heating Oil Costs by Over 30% This Winter

A Marine Corps veteran named Tommy Cole Jr. is worried about affording to heat his home this winter, as heating oil costs are expected to soar due to the US-Iran war.

Last year, Cole struggled to keep his family of five warm in their rental home in Massachusetts, with heating oil prices averaging less than $4 a gallon for most of the season. This year, he's bracing for a 31.3% increase in costs, which could leave him facing a bill of over $2,300 for the winter.

The National Energy Assistance Directors Association (NEADA) forecasts that oil heat customers will pay an estimated $2,300 for the season, while overall winter heating costs are expected to jump 8.7%, more than double the rate of inflation. NEADA has asked Congress for an additional $3 billion in LIHEAP funding to cover rising heating oil and electricity costs.