Consumers will pay a lot more to heat their homes this winter. That’s the forecast the U.S. Energy Information Administration (EIA) delivered in its short-term energy outlook. The EIA said the retail prices were already at or near multiyear highs at the end of October.
Heating oil is expected to have the largest price increase, rising by 39%. Much depends on whether temperatures are warmer or colder than forecast. The EIA predicts a colder winter this year, more in line with the average winters of the past decade.