The cost of heating a home with oil will rise to $2,354 this winter, and propane and natural gas users will pay $1,668 and $931, the federal energy agency says, as fuel costs rise and frosty weather approaches

  • Heating a home with oil will rise 27 percent this winter to $2,354
  • Those who use propane pay $1,668 and natural gas users $931
  • Households pay hundreds of dollars more when winter is colder than expected
  • Coming as a cold snap approaches in the Midwest, South and East
  • Freezing temperatures are expected to affect more than 60 million people
  • Energy markets rocked by Russian invasion of Ukraine
  • That will continue, with Saudi Arabia rejecting US efforts to increase production

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The cost of heating a home with oil will rise 27 percent to $2,354 this winter, and propane and natural gas users will also be affected, the federal energy agency warned as a cold snap approaches in the Midwest, South and East.

Those using propane will see a 5 percent price increase from last winter to $1,668, while natural gas users will see a 28 percent increase to $931, according to a forecast released last week from the U.S. Energy Information Administration (EIA).

And consumers will spend hundreds of dollars more if the winter is colder than expected, the agency says.

The forecasts for the October-March season come amid soaring inflation and the chaos in the global energy market linked to the Russian invasion of Ukraine, and as millions brace for the first coldest weather of the season.

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Corey Carlson of Anderson Fuel fills a house with home heating oil in Scituate, Massachusetts. The cost of heating a home with oil will rise 27 percent this winter to $2,354

A cold snap could bring freezing temperatures for more than 60 million people across the country this week, with freeze guards and warnings in parts of the Midwest, South and East.

“We expect household spending this winter to be nominally higher than last year,” EIA administrator Joe DeCarolis wrote on Twitter.

Nearly half of American households depend on natural gas for heat. The average cost to heat a home with gas last winter was $724, much cheaper than other major heat sources.

Electricity is the primary source of heat for about 40 percent of homes. It’s more expensive than gas this winter at an estimated $1,359 per household, but that’s only a 10 percent increase from last winter.

US consumers could pay up to 28 percent more to heat their homes this winter than last year due to rising fuel costs and slightly colder weather

Fewer than 12 million homes rely on the most expensive options — heating oil or propane, about 9 percent of the roughly 130 million U.S. households.

Homes dependent on heating oil are concentrated in the Northeast, while the largest propane users are in the Midwest.

Global energy markets have been rocked by the Russian invasion of Ukraine in February and sanctions imposed on Moscow by the West – and the disruption looks set to continue.

Oil supply is likely to remain tight, pushing prices up after the energy cartel OPEC and allies, including Russia, pledged on Oct. 5 to cut production by 2 million barrels a day.

OPEC+ member states lined up on Sunday to endorse the steep cut in the output target agreed this month after the White House accused Saudi Arabia of forcing other countries to support the move.

Paul Sabato, a driver at Heatable, delivers oil to a home in Scarborough, Maine. Homes dependent on fuel oil are concentrated in the northeast