Home heating oil prices are soaring — and users' winter bills could rise 21%, federal outlook shows

Americans who heat their homes with oil are expected to face sharply higher costs this winter, even as households that rely on natural gas or propane may get some relief. Home heating oil prices are expected to average $5.26 a gallon during the winter heating season, up 34% from last winter, according to details in the U.S. Energy Information Administration's annual Winter Fuels Outlook released Tuesday. But the agency also predicts a warmer winter, which may reduce consumption. Given that combination, the average household using heating oil is projected to spend $2,115 from November through March, about 21% more than last year.