For a supposedly less expensive and more plentiful resource, natural gas is costing folks more and more every year.
Even for those that heat with oil, our increasing dependence on natural gas is creating a huge hole in our pockets by driving electric rates ever higher.
This is an ongoing trend. A few years ago, The New York Times reported that electricity rates in parts of south-central Pennsylvania went up by an astonishing 31%, or an average of $24 a month. Compounding the problem is the fact that the pipelines required to move natural gas are inadequate to meet growing demand, raising serious concerns about natural gas supply. Even so, many natural gas companies are looking to increase their exports to take advantage of much higher prices in Europe. Such a situation can only lead to higher natural gas prices.
Meanwhile, the International Energy Agency reported last year that the United States is poised to become the world’s biggest oil producer, thanks to new drilling technologies. The increase in our domestic supply should drive down prices and provide real relief in years to come.
All of these factors make oil heat a smarter choice than ever.