Heating your home could cost more this year thanks to oil price surge, expert warns
Oil barrel prices hit three-year high this week
OPIS Energy founder and analysis global head Tom Kloza reacted to oil prices hitting a three-year high this week and warned Americans to expect to pay more when heating your home this winter on FOX Business' ‘Mornings with Maria.’
HEATING COSTS MAY TRIPLE AS NAT GAS, PROPANE SHORTAGE LOOMS
TOM KLOZA: If your heating bill was $150 last year, it may be $300 this year… The good news, and it's hard to convince people this is good news, is that the price we're paying for natural gas is about one-fourth or one-fifth of the price that you would pay in Asia or in the United Kingdom and the European continent right now...
And, by the way, if we get a colder than normal winter, which is probably a lower percentage chance based on what we've seen this century, we could see the price of heating oil and diesel go up incredibly as well. Part of it is that we're coming from an incredible trough to COVID, but part of it is that we've had some events, Hurricane Ida and some closures overseas, where people are probably rushing the energy transition a bit.
WATCH THE FULL INTERVIEW BELOW