The price of oil and other commodities may have dipped slightly in the past few days, but not enough to stave off what could be a particularly punishing winter for homeowners.
Home heating bills for the coming winter are expected to be even pricier than last winter's steep energy bills, The New York Times reports today.
Despite recent dips in the commodities market, Heating oil is 36 percent higher than it was last winter, and natural gas 11 percent higher. The market has gotten so volatile that fuel providers are no longer offering their customers the opportunity to lock in a fixed price for the entire year, the Times reports.
The average home heating bill in Northeast states such as Massachusetts, Maine and New Hampshire can be expected to increase by as much as $1,500 as compared to last winter's costs, the Times reported citing government forecasts.
“The cost of energy is getting out of reach,” said Mark Wolfe, the executive director of the National Energy Assistance Directors’ Association told the Times “It’s not just going to affect poor people, but also moderate to middle-class households. People are going to become more impoverished to pay for heating this winter.”