Energy prices expected to soar this winter
FARGO, N.D. (Valley News Live) - Energy prices are soaring this winter and it’s hitting everyone right in the pocketbook. The reason: increased demand, but not enough supply.
Keeping your family warm is going to cost you more this winter. The price of energy is up more than 30% since December 2020. Xcel Energy officials are forecasting gas bills will be around $30 more per month than last winter.
When the world economy slowed down last year, energy prices plunged. Now that the economy is roaring back to life, the energy supply hasn’t kept up with the increase in demand.
Xcel Energy officials say they are the ones hiking up the prices for their customers.
“It really is overall a result of supply and demand economics,” said John Marshall, “If we buy natural gas for a dollar...we sell natural gas for a dollar.”
Those getting hit the hardest: families on a fixed income.
“Number 1 is we want to support those households that qualify for those programs,” said North Dakota Department of Human Resources director of Economic Assistance Michele Gee.
Gee says help is just a click away for those who need it. You can apply for the Low Income Home Energy Program by clicking here.
“With the increased heating costs, I expect we see a higher number of families this year,” said Gee.
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