Home heating bills are expected to soar this winter and Americans, already struggling with high gas and food prices, are bracing for more financial hardship.
On average, consumers are expected to pay $1,182 to heat their homes this year, up 20% from last year, according to recent estimates from the Energy Information Administration (EIA).
But the outlook for the Northeast, where 8 million households depend on heating oil, is even more worrisome. Homeowners in the region are expected to spend an average of $2,725 on heating oil this winter.
The looming spike in heating costs could pose an even more serious threat to household budgets than the high price of gas, according to Tancred Lidderdale, a senior EIA economist.
"When gas prices go up consumers have options," he said. They can drive less or use public transportation. But when it comes to home heating, "households have fewer options."
While consumers have some leeway in how they manage their heating bills and can take steps to make their homes more energy efficient, most experts say there is little they can do to escape higher energy prices.
"The price of energy is what it is," said Martin Kushler, of the American Council for an Energy-Efficient Economy. "At the end of the day you're going to pay the higher cost."
