Russia's invasion of Ukraine could cause "a lot of pain" for Americans this winter, says National Energy Assistance Directors' Association Executive Director Mark Wolfe.
"There is a lot of pain. This is the second year of high home heating prices," Wolfe told CBS News last month. "Across the board, low- and middle-income families are suffering."
The average household is set to pay about 17% more this winter to heat their property, according to the NEADA, the second year in a row of major price increases.
The average cost to heat a home this winter if natural gas is used could be nearly $1,000.
"What we are seeing is an increasing rate of home energy prices on top of high gasoline prices, and that's causing more low- and middle-income families to make choices in how they pay their expenses," Wolfe said.
Russia’s invasion of Ukraine caused gas prices to skyrocket, and costs could go up again soon after the Organization of the Petroleum Exporting Countries alliance on Wednesday announced its intention to slash oil production by 2 million barrels a day.
"At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices," U.S. National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese said after OPEC Plus — a group led by Saudi Arabia (and including Russia and other oil exporters) — announced its decision, in Vienna.
© 2022 Newsmax. All rights reserved.