Rising energy costs expected to bring higher heating bills next season
MADISON, Wis. (WMTV) - Experts say the demand for energy since the pandemic has gone up and continues to rise. This means higher prices for things like gas and heating.
The WMC, Wisconsin’s combined state chamber and manufacturers’ association hosted a virtual discussion about rising energy costs Tuesday.
Focusing on the impact in Wisconsin, speakers highlighted how energy demand is increasing and the challenges faced when it comes to supply keeping up with that demand.
“Winter is when demand peaks. That’s why there’s so much concern about these prices. If we’re experiencing this now in November, what’s waiting for us in December, January, and February?” said Dustin Meyer VP of Natural Gas Markets at the American Petroleum Institute (API).
In addition to the upcoming heating season, experts say this is a concern across the board as inflation has risen more than five percent from a year ago.
“The 5.4 percent inflation that the Bureau of Labor estimates for September translates to $276 per month across the consumer basket. Forty percent of U.S. households don’t have an extra $276 per month so these are real pressures and they’re far beyond just the prices of energy,” said Dean Foreman, API’s Chief Economist.
Experts say there are some things you can do to help cut energy costs this season.
CUTTING ENERGY COSTS:
-CHECK WINDOWS AND DOORS FOR AIR LEAKAGE TO PREVENT COLD AIR FROM COMING INTO YOUR HOME
-SET THERMOSTAT TO OPERATE ONLY WHEN YOU NEED IT
-CHECK YOUR FILTERS
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