Households across the US north-east are facing soaring heating oil costs as winter approaches, driven by fallout from the Iran war. The closure of the Strait of Hormuz in February has pushed prices to $6.14 per gallon, a record high according to the US Energy Information Administration. Low-income households are projected to face an extra $1.1bn in heating costs, a 50 per cent increase.
Charities report surging demand for emergency assistance, with people forgoing heat to pay for medication and rent. In Maine, a 'wood bank' reports doubled demand as residents turn to wood furnaces, while wood pellet sales have risen by a third. The crisis is shaping the close Senate race between incumbent Susan Collins and challenger Troy Jackson, with Jackson blaming Collins's war votes for record energy costs.
Collins has appealed to President Trump to tap emergency reserves.
Source: Financial Times Companies · Summarized by HeadlinesBriefing