(WTNH) – The soaring price of fuel is already hitting pocketbooks. Now, the energy secretary is warning it’s only going to get worse. News 8 is stretching your dollar with what experts say you should budget for.
There’s a new warning that heating bills will soar this winter for millions of Americans.
“It will be more expensive this year than last year,” said Jennifer Granholm, Energy Secretary.
Energy Secretary Jennifer Granholm is pointing to fuel shortages.
“The oil and gas companies are not flipping the switch as quickly as the demand requires,” Granholm said.
There’s a 54 percent increase in propane, 43 percent in heating oil, and a 6 percent increase in electricity. Federal energy officials are predicting significant cost increases.
Winter heating bills for homes using natural gas, which is almost half of the U.S., could be 30 percent higher this year. Nearly 50 percent higher for those in the Midwest.
For homeowners and business owners, the worry is intense. Americans who drive are feeling the pinch as well.
Oil prices are hitting their highest levels since 2014, sending prices soaring at the pump.
There are a few tips to help out. Get a home energy assessment to see where you can save money and use appliances wisely. For example, do your laundry at night or hang things to dry instead of using the dryer.
If you think you may need help with bills this year, reach out to your utility provider and ask. There’s an additional $167 million in energy assistance funds from the federal government this year.