Friday, October 12, 2012

EIA Reports Says Energy Bills to Soar this Winter

In more bad news for the Obama administration, which has refused to pursue the rich resources of natural gas and oil in the United States, the Energy Information Administration said due to an expected colder winter, the price of fuel will jump almost 20 percent for those using heating oil as their heating source.

This will be especially true in the Northeast portion of the United States, where most consumers use heating oil. Higher demand will be the major driver of heating oil prices.

For those heating with the less expensive natural gas, prices are still expected to rise an estimate 15 percent.

Adam Sieminski, an administrator from the EIA, said, “it is going to be colder than last year and as a result of that, heating bills are going to be higher.”

“There has been a trend towards warmer weather so if we end up with somewhat above normal temperatures rather than just slightly below, that would reduce fuel oil needs and presumably would lead to better balance in the markets and somewhat lower prices.”

Approximately 80 percent of those using heating oil are located in the northeastern part of the country.

With Obama's faltering economy, this could easily turn even more voters against him at a time when they're hurting the most from higher energy costs.

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