Heating costs will surge this winter due to Iran war with heating oil prices spiking as much as 70%

Winter heating costs are expected to jump nationwide due to the Iran war – with residential customers across the Northeast who use home heating oil getting slammed with spikes as high as 70%, according to a report.American households are projected to spend an average of $1,002 on home heating this year – a 7.1% or $66 increase from last winter, according to a new forecast from the National Energy Assistance Directors Association (NEADA).But households in New York and nearby states that rely on heating oil will see their costs rise to $2,977 this winter – a 70.2% jump from $1,749 last year, according to NEADA.Electricity and propane costs are projected to increase 6% and 5%, respectively.

Natural gas costs are expected to remain roughly the same.Heating oil, however, is essentially the same distillate as diesel, which is also used to make jet fuel.Refiners facing shortages have been forced to make choices about whether to produce jet fuel or heating oil – which could worsen shortages further, according to Joe Adamski, managing director of ProcureAbility, a supply chain consultancy.“Heating oil costs are a direct consequence of the Iran war,” Adamski told The Post.“We have been saying for months that come winter, heating oil was going to be at a premium due to Gulf events, and now we have arrived.”Heating oil is primarily used in older homes built before 1990, which are largely concentrated in the Northeast region.About 59% of Maine households, 43% in New Hampshire, 40% in Vermont, 39% in Connecticut, 29% in Rhode Island, 24% in Massachusetts, 19% in New York and 16% in Pennsylvania rely on heating oil, according to US Census Bureau data. Winter heat is poised to become an extra pain point as families are already struggling to keep up with rising food and gasoline prices.“For higher-income households, these increases may be an inconvenience.

For low- and middle-income families, they can be devastating,” Mark Wolfe, executive director of NEADA, s...