GRAND JUNCTION, Colo. (KKCO) The Energy Information Administration came out with its Winter Fuels Outlook and reported that natural gas prices are the highest they have been in five years, which means nearly half of all U.S. households will experience a 14 percent increase in their utility bills this year.
However, some experts say there is more to the story.
John Harpole, with Mercator Energy, said natural gas prices on a 20 year average are at an all time low. When comparing the prices from 2003 to 2008 and measuring those average prices against prices last year, the savings are huge.
"Residential gas consumers saved 30 billion dollars in residential heating and electric costs in 2012 and low income residential households saved 11 billion dollars in costs because of the decrease in natural gas price," Harpole.
Fred Eggleston, with Xcel Energy, said the biggest factor in your utility bill will be the weather. The colder it is, the more natural gas your heater will use to keep your family warm.
Eggleston suggested winterizing your home and only using the heater when needed to keep costs low.