• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 3 hours Could Venezuela become a net oil importer?
  • 9 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 6 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 12 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 6 hours Why is permian oil "locked in" when refineries abound?
  • 3 hours Gazprom Exports to EU Hit Record
  • 3 hours Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 3 hours Oil Buyers Club
  • 5 hours Oil prices going down
  • 1 day Teapots Cut U.S. Oil Shipments
  • 42 mins Saudi Arabia turns to solar
  • 20 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 6 hours EVs Could Help Coal Demand
  • 12 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
The Fed Is Driving Down Oil Prices

The Fed Is Driving Down Oil Prices

The hawkish U.S. Federal Reserve…

EIA Predicts Cold Winter will Cause Heating Bills to Increase 19%

The Energy Information Administration has compiled a report that suggests US households should expect their energy bills to be higher this winter due to the forecast of colder temperatures than normal, especially in the Northeast, which will lead to a higher demand.

The report said that households with heating oil systems should expect to see their winter fuel bill, from October 1st to March 31st, rise by 19 percent, whereas those houses with natural gas will pay an extra 15 percent.

Related Article: U.S. Navy Investigates Making Jet Fuel from Seawater

Adam Sieminski, an administrator from the EIA, put it very simply; “it is going to be colder than last year and as a result of that, heating bills are going to be higher.”

“There has been a trend towards warmer weather so if we end up with somewhat above normal temperatures rather than just slightly below, that would reduce fuel oil needs and presumably would lead to better balance in the markets and somewhat lower prices.”

80 percent of US households that rely on the more expensive option of heating oil are situated in the northeast where the coldest weather is forecast. This has led the EIA to predict that those households will spend an average of $407 more on heating oil this winter than in the past.

It is possible that these higher energy costs could hurt President Obama’s re-election chances by putting further economic pressure on voters.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • JIMBO on October 14 2012 said:
    Maybe the US should drill more wells onshore and offshore, step up shale oil recovery, and build that oh-so-controversial pipeline from Canada to Texas. How many disruptions in refining capacity does the US need before more modern and efficient petroleum refineries are permitted to be built?

    PrezBO & Co. have really crippled by both their actions and inaction. Time for an "oil" change!

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News