This month's blast of winter weather will mean that many Americans could face record high heating costs this year.
Cold weather, ice and snow have blanketed much of the United States in recent days and more is expected to hit soon, including in normally warm weather states such as North and South Carolina. That could send already sky high heating bills up even more, due mainly to spiking fuel prices.
Natural gas, which is used to heat nearly half of all US homes, is 32% more expensive than it was a year ago, according to the US Energy Information Agency. And in some parts of the country, prices are even higher — including a 45% increase in the Midwest. The cost of electricity, the second most common source of heat that 40% of US homes rely on, is up nearly 6% nationwide. And costs are even higher in the South — up around 8% — where nearly two thirds of homes heat with electric power.
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