U.S. heating oil expenditures are expected to increase this winter but remain below recent average (10/18/2017)

A combination of forecast colder temperatures and higher heating oil prices in the United States is contributing to higher expected household heating oil expenditures during the winter heating season of 2017–18 from October 1 through March 31. According to EIA’s recently released Short-Term Energy Outlook (STEO), the average household that uses heating oil is forecast to spend about $1,460 for heating bills during winter 2017–18, up $210 (17%) from last winter’s average expenditures (Figure 1). However, household heating expenditures are forecast to be almost 15% lower than the previous five-winter average for households using heating oil. Forecast average expenditures provide a broad guide to changes compared with previous winter heating seasons, although fuel expenditures for households are highly dependent on the size and efficiency of individual homes and their heating equipment, thermostat settings, and local weather conditions. ... More »