Heating costs to jump this winter due to Iran war: 'Devastating'

Key Points:

• Winter heating costs in the U.S. are expected to rise significantly due to the Iran war, with Northeast households using heating oil facing spikes up to 70%, according to the National Energy Assistance Directors Association (NEADA).
• Average home heating expenses nationwide are projected at $1,002 this winter, a 7.1% increase from last year, while heating oil users in New York and nearby states may pay nearly $3,000, up 70.2%.
• Heating oil prices are rising because refiners must choose between producing jet fuel or heating oil amid supply constraints linked to the Iran conflict; heating oil is mainly used in older homes concentrated in the Northeast.
• Rising heating costs compound financial strain on families already burdened by high food and gasoline prices, with many reducing heating or groceries to save money; about one in six households are behind on utility bills.
• Although heating oil prices have recently dipped slightly and a milder winter is forecasted due to El Niño, experts warn prices may remain high all season due to ongoing geopolitical volatility and supply uncertainties.