ST. LOUIS – Most Americans could have cheaper heating bills this winter.
Recent data from the Energy Information Administration shows natural gas and electricity prices are set to decline. The agency predicts the cost of heating a home with natural gas is likely to drop by about 21% from last year. That could save the average household about $160 over the winter.
About 46% of U.S. homes use natural gas. Wholesale natural gas prices have fallen because gas supply is outpacing demand. Last year, they were high because the U.S. was sending a lot of it to Europe to replace Russian gas.
Meanwhile, the cost of electricity will drop by 1% nationally. Propane should see a decline of 3%. and heating oil costs are set to rise by about 8% because there’s now a shortage, but it’s mostly used in the northeast.