US Heating Costs To Rise Sharply Following Iran War Oil Disruption
· World · ABC News, LiveMint
Heating costs for U.S. households are projected to rise at more than twice the rate of inflation this winter, according to a report from the National Energy Assistance Directors Association. Households relying on heating oil face an average price increase of 31.3%, while those using natural gas can expect a 5.8% jump. The surge is driven by a global oil supply crisis triggered by the Iran war and the subsequent near-closure of the Strait of Hormuz. Global crude prices have climbed to approximately $103 a barrel, nearly 50% higher than pre-war levels, pushing gasoline and diesel costs to record highs.
Why it matters
The rising energy costs place significant financial strain on low-income families, particularly in the U.S. Northeast, as they prepare for colder temperatures.
Read the original report — ABC News
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