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Energy Prices Expected to Rise As Winter Approaches

Energy Prices Expected to Rise As Winter Approaches

By Alex Mills As winter approaches, energy forecasters expect colder than average temperatures and higher energy prices. The Energy Information Administration at the U.S. Department of Energy releases is Short-Term Energy Outlook stating it will be 2% colder this winter than the average temperature during the last 10 years. Colder weather will increase demand for energy and rising prices. “Compared with last winter, in nominal terms, we forecast expenditures for homes that heat with natural gas will rise by 28%, heating oil by 27%, electricity by 10%, and propane 5% from October–March,” EIA stated. EIA expects U.S. sales of electricity to ultimate customers to rise by 2.7% in 2022, mostly because of more economic activity but also because of slightly hotter summer weather than last year....  
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