Opened your gas bill? What made the price of heating your home jump? – Geneseo Republic

Opened your gas bill this month? Did you suffer some sticker shock? The price of a therm ofnatural gas has more than doubledsince January of 2021. According to utility companyNICOR, the price of a therm of natural gas in January 2021 was 29 cents, and in January of 2022, it jumped to 61 cents per therm. That is more than a 100% increase.

Utility companies have been warning consumers that this winter was going to be an expensive one. The US Energy Information Administrationcites part of the reason for the increase in utility costs was a polar vortex storm last February that substantially increased energy consumption and disrupted energy supply in Oklahoma and Texas. Other factors globally also have impacted the price of heating a home.

The Citizens Utility Board (CUB) a watchdog organization, credits the following for the high price of natural gas. "1) increased demand as economies worldwide begin to recover from the pandemic; 2) increased Liquid Natural Gas (LNG) exports to other parts of the world, such as Europe, keeping supply lower here; 3) less gas exploration and well construction in recent years; 4) increased use of gas for electricity generation in a hot summer of high air-conditioning use; and 5) Hurricane Ida knocked more than 90 percent of gas production in the Gulf of Mexico offline in late August, according to theEnergy Information Administration. "

CUB also states that utility companies are only allowed to pass on the cost of gas without markup. They make their money off of the rates they charge to deliver gas to our homes. This is according to state laws, and is overseen by the Illinois Commerce Commission.

Winter survival strategies

Lots of tips are offered to help conserve heat in your home in the cold months.

Heating your home safely

For residents having trouble paying their utility bill, please contact :

Office of Community Assistance

Illinois Department of Commerce

1-877-411-9276 or communityassist@illinois.gov

Follow this link:

Opened your gas bill? What made the price of heating your home jump? - Geneseo Republic