The average cost of heating your home is estimated to rise by $ 177 or 17% to $ 1,202 this winter

The average cost of heating homes is expected to rise dramatically this winter as the effects of inflation under Joe Biden are set to dent American’s wallets.

According to the National Energy Assistant Directors Association, Americans will have to pay $ 177, about 17 percent, more to heat their homes than last winter’s prices.

This marks the highest price homeowners will have to pay in over 10 years, and for the second year in a row, prices are expected to rise significantly, up more than 35% from 2020.

Gernot Wagner, a climate economist at Columbia University, said part of the drastic price increase can be attributed to the continued Russian invasion of Ukraine.

Wagner says dependence on oil, coal and gas means Americans will be at the mercy of price fluctuations caused by external factors.

American homeowners are estimated to pay $ 177, about 17% more for heating than last winter

The Biden administration aims to tackle skyrocketing prices with the Inflation Reduction Act, which provides for tax cuts for

Biden administration aims to tackle skyrocketing prices with the Inflation Reduction Act, which provides tax cuts for “new energy-efficient homes”

The Inflation Reduction Act 'is advertised by the White House as

The Inflation Reduction Act ‘is touted by the White House as “the most aggressive action to address the climate crisis in American history”

Putin’s invasion of Ukraine on February 24 has a lot to do with this, not exclusively. There are many other factors at play, ”Wagner told Fox Weather.

“As long as we depend on raw materials, such as oil, coal and especially gas in this case, to heat our homes or fuel our economy, we will be vulnerable to their price fluctuations,” he said.

Wagner believes that the only way to rid Americans of heating bills is to get rid of our dependence on fossil fuels.

“The answer is, and has been for a long time, to move away from fossil fuels,” Wagner said. ‘We live in inflationary times.’

The Biden administration aims to tackle skyrocketing prices with the Inflation Reduction Act, which the White House calls “the most aggressive action to tackle the climate crisis in American history.”

Although the bill covers many areas of the growing inflation crisis, the administration aims to tackle inflated heating bills by expanding “tax credits for energy-efficient commercial buildings and new energy-efficient homes” .

To fight the inflation of fossil fuel prices “it takes a lot of investment, and this is where the law on reducing inflation comes into play,” said Wagner.

Gernot Wagner, a climate economist at Columbia University, says the primary way to fight utility cost inflation is to reduce dependence on fossil fuels

Gernot Wagner, a climate economist at Columbia University, says the primary way to fight utility cost inflation is to reduce dependence on fossil fuels

Mark Wolfe, executive director of the National Energy Assistance Directors Association, said that

Mark Wolfe, executive director of the National Energy Assistance Directors Association, said “rising home energy costs this winter will put millions of low-income families at risk.”

Unfortunately, the immediate effects of rising costs will be felt more severely in low-income families according to a statement by NEADA Executive Director Mark Wolfe.

“Rising home energy costs this winter will put millions of low-income families at risk of falling behind on their energy bills and having no choice but to make tough decisions between paying for food, medicine and rent,” Wolfe said.

Earlier this month, NEADA sent a letter to congress asking for $ 5 billion to help supplement the low-income home energy assistance program to help cover the high cost of home heating.

According to the program website, the assistance program aims to “keep families safe and healthy through initiatives that help families with energy costs.”

Wagner says how much we cool our homes during the summer is directly related to how much it will cost to heat our homes during the winter.

‘Part of our electricity grid runs on natural gas. If we burn more natural gas during the summer to cover the electricity peak due to the extreme heat, this also contributes to the increase in natural gas prices in the winter, ”Wagner said.

He says the power grid in the United States must be decarbonised to kick-start the cost-cutting process, along with insulation of homes to reduce the need for heating during the winter.

‘The ultimate solution to fossil inflation is to abandon fossil fuels. It is about investing in alternative fuels, “she concluded.

Treasury Secretary Janet Yellen says inflation will “certainly” drop within NEXT YEAR, but denies that the US is in a recession because the labor market is so “tight”

Treasury Secretary Janet Yellen said on Thursday that inflation will “certainly” drop within the next year, but denied that the country is entering a recession because the labor market is so “tight”.

‘A full-scale recession is a time when there is excessive unemployment. You don’t have a strong job market, “Yellen said during an appearance at the Atlantic Festival in Washington.” We really do have one of the tightest job markets right now we’ve had in American history. “

Atlantic’s Ron Brownstein asked her if inflation would be under control by the end of next year or if it could become a topic during the 2024 presidential election.

“I think it will go down, definitely next year,” he told Brownstein. ‘Let it be clear that there are risks.’

The example he gave was if Russian President Vladimir Putin continued his assault on Ukraine.

“I think it will be better,” he said. “Maybe we’ll make it next year, but I certainly expect inflation to go down.”

Treasury Secretary Janet Yellen said on Thursday that inflation will fall

Treasury Secretary Janet Yellen said on Thursday that inflation will “certainly” drop within the next year, but denied that the country is entering a recession because the labor market is so “tight”

Janet Yellen (right) was asked by Atlantic's Ron Brownstein (left) if inflation would be under control by the end of next year or if it could become a topic during the 2024 presidential election.

Janet Yellen (right) was asked by Atlantic’s Ron Brownstein (left) if inflation would be under control by the end of next year or if it could become a topic during the 2024 presidential election.

At the top of his looks, he recognized how problematic inflation had become.

“So first, let me say that I think inflation has been running at unacceptably high rates,” he said. ‘It’s a big deal for any American family. It is leading to a great sense of economic insecurity for Americans. And we don’t want to see it become endemic. ‘

Yellen, 76, then recalled her own experience in the 1970s.

“It’s President Biden’s top economic priority to bring him down, and that’s what the Fed is trying to do,” he said.

He blamed inflation of a number of things.

The bottlenecks of the supply chain related to the COVID-19 pandemic.

“And Putin’s completely unacceptable and immoral war against Ukraine has led to the surge in the energy and food crisis which is also contributing to inflation,” he added.

Yellen said the administration has made moves to loosen supply chains and release oil from the Strategic Petroleum Reserve.

“But we also have a very tight labor market,” he said.

“Right now we have two jobs open for every unemployed worker and I think this is putting inflationary pressure on the system,” he explained later.

He also said he believed there was a way to bring down inflation without cutting wages for workers.

“Now I believe there is a path through this that can succeed in reducing inflation while maintaining what I think we would all consider to be a strong job market,” said Yellen.

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