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Rising energy prices will give Utahns higher heating bills

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Utah – According to the U.S. Energy Information Administration, Utah households can expect to spend more money this winter compared to last winter.

Homes that specifically use propane or heating oil will see a sharper increase, according to a report released on Wednesday. The forecast price is based on the EIA’s expectations of high retail energy prices, which are already at multi-year highs.

Propane users will see a 54% increase, heating oil users will see a 43% increase, and natural gas users will see a 30% increase.

According to the report, the U.S. can expect a colder winter based on weather expectations from the National Oceanic and Atmospheric Administration’s forecast.

Propane and heating oil users will pay more for heating because those users buy supplies before winter and fall, so the EIA bases the consumer’s cost off of when they use the fuel, not when they purchase it.

But expenditure is not limited to just heating. It also reflects energy consumption across the charts such as electricity and natural gas.

According to the EIA, the main reason the wholesale prices of natural gas, crude oil, and petroleum products have risen is due in part because to fuel demands that have increased faster than supply.

 

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