The price of heating your home with oil heat this year is expected to go up by 22 percent.  This estimate was annouced today by the federal Energy Information Administration. It is widely covered in the print, radio, tv and online media today.   The offical EIA press release is titled “Short-term energy and winter fuels outlook“.  The report notes that 32 percent  of the homes in the northeast use oil heat for winter fuel. The estimate of a 22% increase couldbe quite a shock to the local economy on Long Island for the first quater of 2008.  So far Long Island and the metro New York City area have not suffered as much as many regions from the economic impact of the sub-prime lending crisis.  But the difficulties in the local housing market are starting to hit now.  Sub-prime mortgages with variable interest rates are kicking in and many new home owners will feel double dsitress from raising monthly mortage payments and higher home heating costs this winter.

The EIA report states that natural gas prices will increase by about 10% nationwide.  Part of the expected cost increases for home heating this winter is due to overall demand going up.  The winter season is expected to be about 4% colder than last year. 

But it is important to note that part of the impact on your personal budget depends on the home energy saving steps you take in the next two months.  It is not too late to do simple home improvement and repair projects to winterize your home.  In the past few weeks we have update the business listings and information on our local Long Isalnd directroy category for home heating energy saving tips. You will find information there for county programs and New York State programs that help  Many of these resources will aslo refer you to LIPA’s web resource for Energy Saving Tools so that is a good site to visit first.

The LIPA web interactive tools ask you questions about your home, heating types, appliances and other basic questions.  The top ways to save on energy costs are provided in the areas of weatherization, water heating, lighting and appliances.  Once you have evaluated your home you can plan the home improvement or repair projects that will best help you save money this winter.  You can find other helpful resources and businesses in these related categories in our yellow pages style online directory:
Long Island home heating systems
Long Island home heating oil
Long Island natural gas
Long island solar heating
Long Island wood stoves
Long Island home improvement contractors