Energy prices have risen sharply worldwide, causing power crunches in large economies like China and India.

“As we have moved beyond what we expect to be the deepest part of the pandemic-related economic downturn, growth in energy demand has generally outpaced growth in supply,”

Nearly half of U.S. households rely on natural gas for heat, with the average cost for those homes expected to rise by 30% to $746 for the October-to-March period

Natural gas prices have risen sharply in recent months due to shortages in places like China and Europe, where demand has rebounded from the pandemic. The United States can only export a small portion of its natural gas supply due to limited terminal space for liquefied natural gas (LNG) export.

Electricity is the primary heating source for about 40% of homes. It is more expensive than natural gas at an estimated $1,268 per household this coming winter - but that represents a more modest 6% increase from last winter.