U.S. Sen. Jack Reed sent out a warning Monday that consumers will likely pay more for home heating fuel this winter.
The announcement came before the Federal Energy Administration of the U.S. Department of Energy releases its official forecast for winter fuel prices Wednesday.
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Heating oil prices are expected to climb 20 percent to $1.60 a gallon from $1.36 a gallon, the energy department estimates. Consumers who burn about 1,000 gallons of heating oil are expected to pay as much as $500 more this winter.
Reed wants to Bush administration to support $600 million in emergency Low Income Home Energy Assistance Program funds to help pay energy bills for those who cannot afford to.
He also urges the Administration to suspend deliveries of oil to the Strategic Petroleum Reserve and release one million barrels a day from SPR; commit to policies to reduce the nation’s dependence on oil through conservation, efficiency, and renewable energy resources; and direct the Federal Trade Commission and Attorney General to exercise oversight over the oil markets to prevent price gauging.
