Energy Costs Surge Across the United States

By Haley Zaremba – OilPrice

Electricity prices are on the rise, with this winter’s energy expenditures in the United States projected to be a full 10% higher than this time last year. While initial projections had expected residential energy spending to fall this year, a combination of frigid weather and rising prices is hurting many Americans at the meter. U.S. energy prices are rising so rapidly that they are outpacing inflation, and have reached a 5% annual increase.

Each year, the United States Energy Information Administration publishes a Winter Fuels Outlook that outlines forecasts for energy consumption, prices, and expenditures for American households. This year’s initial report projected that homes mainly heating with natural gas would spend between 2% less or 7% more this winter than last. They’ve since had to update this report after frigid temperatures drove up energy demand and natural gas and propane prices have trended upward.