How to save on energy bill costs, even in the face of the energy crisis
The U.S. government is moving to rein in costs for consumers as the price of energy continues to rise.
The Energy Department said Monday that the cost of heating, lighting, cooling and other utilities will continue to rise over the next few years.
The cost of gas and oil, which make up the bulk of the bills, will drop to levels seen in 2015.
However, the cost for other energy services will increase, with energy providers seeking to cut costs in order to remain competitive in a competitive marketplace.
The Energy Department also said that it expects inflation will slow as Americans have become more affluent.
Inflation will decrease by 1 percent to 2 percent, while consumer spending will also grow, according to a news release.
The government expects inflation to rise to 2.4 percent in 2020 and to 2% by 2021, according the release.
“With more money in the pockets of Americans, energy costs will remain a problem for years to come, even as the economy improves,” said Energy Secretary Rick Perry in a news conference.
The Department of Energy said the new price for electricity, for instance, would increase by an average of 6 percent in 2023, but that average would drop to 5 percent by 2035.
The price for gas would also rise by an additional 6 percent.
The announcement came as a new report showed that Americans are spending more than $400 billion on fuel costs, including food, gas and other transportation costs.
The report, which was compiled by a Washington-based research group, said that about one in three Americans now pays more than 30 percent of their income on fuel.
The average family household spent $23,000 on fuel in 2016, up from $19,000 in 2015, according a recent report from the Federal Reserve Bank of New York.
The group noted that fuel costs had risen by a combined 19.9 percent over the past decade, from $17.6 billion in 2006 to $21.1 billion in 2020.