Energy Prices on the Rise
This winter, the average household that burns heating oil should expect to pay 45% higher than normal for their energy bill, according to a forecast from the US Energy Information Administration.
This energy crisis will likely be a national issue, but it’s expected to be particularly bad in the Northeast, which typically accounts for 85% of residential heating oil usage. This high demand for oil is putting pressure on the country’s reserves, which are already running low due to the sanctions placed on Russia.
New England Crisis
An unusually cold winter this year could even damage the Northeast’s electrical grid, which also relies on natural gas.
On top of that, US refineries that produce heating oil might have trouble shipping it up to Boston due to certain federal policies that put limits on cargo shipped from the Gulf Coast to northeastern ports.
This creates a national bottleneck on top of a global bottleneck, all of which contribute to the price consumers need to pay to heat their homes.
Tips on How To Save
Fortunately, there are a handful of measures that you can take to save on your energy costs during the coming months.
To save power, make the switch to LED lightbulbs if you haven’t already, which are 90% more efficient than older bulbs. Additionally, be sure to eliminate phantom power sources, or appliances that are plugged in but not in use. These can consume upwards of 10% of your household’s energy, according to the US Department of Energy.
You can also boost efficiency by making sure that your heating system flows smoothly. Remove any furniture or curtains that may be blocking vents and the flow of hot air. For furnace-heated homes, you should also change your filters every month.
This winter could be colder and more expensive than normal. However, there are plenty of ways to help you stay warm while your wallet stays full.
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