EIA Says Heating Oil Bills to Rise
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The United States has plenty of fuel in storage for winter heating thanks to near full-throttle refinery production, but household energy bills are still likely to be up sharply, the head of the U.S. Energy Information Administration (EIA) said on Friday.
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Oil prices climbed above $42 a barrel on  Wednesday, rising for the third day in a row as cold weather  gripped the U.S. Northeast, the world's biggest heating fuel  market.
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New Delhi, Oct. 31(NNN): As international oil prices continued to soar, petrol and diesel prices are likely to be hiked from Monday (November 1).
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American consumers will feel the  effects of record-high crude oil prices with winter home  heating oil bills jumping about 28 percent and natural gas  costs rising by 15 percent, the U.S. government said on  Wednesday.
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Crude oil futures remained high Thursday as traders concerned that US heating oil supplies might be insufficient to meet winter demand.
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Oil prices climbed $2 higher on Friday  on renewed concern over tight supplies of distillate fuels in  all main consuming centers ahead of the Northern Hemisphere  winter.
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Residential heating costs are projected to soar this winter to more than $1,000 on average because of higher fuel prices and colder weather, the government said yesterday.
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Heating-oil and natural-gas prices are already up, and gasoline costs could rise, too.
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U.S. consumers will see their  natural gas bills rise 15 percent this winter compared to last  year, and pay 28 percent more to warm their homes with heating  oil and 22 percent more to heat with propane, the government  said on Wednesday.
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Crude oil climbed to a two-week high on concern colder winter weather will drain supplies of North American and European heating fuels before inventories rebound.
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Global oil demand will rise significantly next year, the International Energy Agency says, pushing up prices.
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U.S. consumers still face sharply higher home heating bills this winter, but prices will be somewhat lower than earlier feared due to milder weather and easing prices, the government said on Tuesday.
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This winter, as crude oil touched $53 a barrel today, they will translate into higher heating bills for American households.
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US consumers will pay more to keep their visiting guests warm with home heating oil this Christmas, as the retail price for the fuel increased to almost $2 a gallon, the Energy Department said on Wednesday.
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Crude oil futures prices rose Wednesday because of lingering concerns about heating oil supplies and fears that OPEC could rein in output when it meets later this week.
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Annual inflation rate edged higher in October as record oil prices caused gas, electricity and other household bills to climb at their fastest rate
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Oil futures prices rose in Europe on Friday amid concerns about heating oil supplies at the beginning of the Northern Hemisphere winter.