Heating bills down on mild weather |
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Tue, 09 Jan 2007 20:54
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NEW YORK - Americans will pay, on average, about 8 percent less in heating costs this winter than they did a year ago, according to a forecast from the Department of Energy's Energy Information Administration on Tuesday.The EIA's monthly Short-Term Energy Outlook said the average household will spend $75 less on heating fuel this year compared to last, which would make it the first winter since 2001-2002 that winter heating bills declined, according to the report. The EIA estimates the average heating bill will run about $873 this winter.The EIA lowered its earlier heating bill forecast after weeks of unseasonably warm temperatures in the Northeast, the world's largest consumer of heating fuels. Warm December weather led to a decline in the price of both crude oil and natural gas, which has continued in the new year.Globally, demand for oil is expected to rise by 1.5 million barrels per day in 2007, reflecting demand recovery in the U.S. and ongoing hunger for petroleum from China. Consumption of oil products in the U.S. is expected to rise 1.3 percent this year after contracting slightly last year.The EIA said the price of benchmark West Texas Intermediate crude oil should average between $64 and $65 in 2007, down from an average of about $66 a barrel in 2006.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Oil prices hit lowest level in 18 months 