Your Home Heating Oil Bill Is Likely to Jump This Winter

TL;DR

Households using heating oil may see costs rise by over 30% this winter, reaching nearly $2,300 for the four-month heating season.
The increase in heating oil prices is linked to disruptions in oil flows through the Strait of Hormuz and Ukrainian strikes on Russian oil infrastructure.
Brent crude prices have surged over 30% since late February, and are expected to remain elevated.
Approximately 4.8 million homes in the U.S. use heating oil, with 82% located in the Northeast, making the region susceptible to price hikes.
Overall home heating costs are expected to rise by 8.7%, averaging $1,030 per household.
Costs for electric-powered heating sources have also increased by 35% in the last five years due to data center buildouts and infrastructure repairs.
An El Niño weather pattern may partially mitigate some cost increases by bringing warmer temperatures.

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