American families will pay far more to heat their homes this winter, according to the Energy Information Administration (EIA), which predicts that some people will see bills as much as 28 percent higher compared to last winter, with the grim outlook coming as households expect inflation to rise and the economy to get worse.
EIA said in its Oct. 13 winter fuels outlook (pdf) that it expects U.S. households to spend significantly more money on energy this winter, driven by a combination of higher retail energy prices and a slightly colder winter.
Compounding the problem are low inventories across a range of heating fuels, EIA said, which creates “the possibility for high price volatility and price spikes, particularly if this winter turns out to be very cold.”…