The U.S. Treasury Secretary has warned Americans that another price spike for gasoline is coming this winter, which could cause heating bill costs to rise for homes and businesses, according to a Sept. 16 report from USA Today.
"This winter, the European Union will cease, for the most part, buying Russian oil, and in addition, they will ban the provision of services that enable Russia to ship oil by tanker," secretary Janet Yellen said in the interview. "It is possible that could cause a spike in oil prices."
Additionally, Europe's energy crisis is expected to hit an all-time high during the colder months, and several large oil-producing countries may have to cut production.
All of these factors will cause prices for both gas and oil to rise. Most residential and commercial buildings in the New England and Mid-Atlantic regions use oil in heating systems.
Half of U.S. homes and businesses are heated with natural gas and natural gas prices have hit a 14-year price high because of Europe's energy crisis.
The average cost of home heating is expected to rise 17.2 percent this winter, according to the report. This will bring the average cost of heating to $1,202.
The cost of yearly utility bills is expected to reach $3,803 this year, as air conditioning prices rose from $450 to $600 over the summer.