Home heating expenses are predicted to rise more than 10% from what they were last year.
Transcript:
Conway Gittens: The final quarter of 2024 got off to a rocky start following the 5.5 percent gain for the S&P 500 in the third quarter. Investors had several negatives to contend with on Tuesday. Military conflict is expanding in the Middle East as Iran fired missiles into Israel. Meanwhile, here at home, a massive port workers’ strike could cost the economy $5 billion a day, according to estimates by JP Morgan Chase.
Looking ahead, private payroll numbers for September will be released on Wednesday.
In other news – autumn temperatures have barely set in, but it’s already time to start thinking about home-heating season. Inflation-weary Americans won’t be happy to hear this: it’s going to cost more to heat your home this winter.
Prices vary depending on heating source. Electric heating bills are expected to jump nearly 14 percent to just over $1200 this winter, according to the National Energy Assistance Directors Association. Propane users will see a 7 percent rise to $1,442. Natural gas bills will see a similar percentage rise to $644. If you’re using a traditional oil furnace, your cost is estimated to go up by only 6 percent to $1,963.
The main culprit for the price spike is a forecast predicting colder temperatures throughout the main home-heating region of the Northeast and Midwest.
These predictions, however, don’t take into account any oil shocks caused by escalating military activity in the Middle East. Any disruptions to the global oil market will likely lead to even higher prices.
And that’s something millions of Americans can’t afford.
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