Energy Secretary Jennifer Granholm
Kevin Dietsch/Getty ImagesAmericans will pay more to heat their homes this winter because fuel prices are soaring amid a supply imbalance, Energy Secretary Jennifer Granholm said Sunday.
“It will be more expensive this year than last year,” Granholm said during an appearance on CNN’s State of the Union. “Oil-and-gas companies aren’t flipping the switch as quickly as the demand requires.”
The Energy Information Administration last month forecast that the average U.S. household that relies on natural gas for heating will pay 30% more this year. Home heating oil was predicted to cost 43% more. The next monthly update is coming in a few days, the energy secretary said Sunday.
Natural gas prices closed Friday at $5.516 per million British thermal units, up from more than $3 per million British thermal units last year.
The U.S. is in a better position than some areas of Europe where there are concerns about a shortage of natural gas as the weather turns colder, “but we have the same problem,” she noted.
President Joe Biden has urged major oil-producing nations to increase their production to hold down oil and gas prices that have climbed to their highest levels in years. But last week, the Organization of the Petroleum Exporting Countries and its allies decided to stick with their plan to increase production gradually, fearing another pandemic-related slowdown.
Granholm said it is OPEC that is “controlling the agenda” on oil prices.
Gasoline prices at the pump averaged $3.42 a gallon as of Sunday, the highest in seven years, according to the AAA. Bank of America analysts said last week the price of oil, which influences gas prices, could run up to $120 a barrel by June from its current level of around $81 a barrel.
Though Biden has been noncommittal about using the U.S. Strategic Petroleum Reserve to help ease rising gas prices, Granholm said Sunday that it is still an option.
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Expect More Expensive Heating Bills This Winter, Energy Secretary Says - Barron's
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