06 November 2007

As crude-oil price soars, prepare to pay more to stay warm

WASHINGTON — With the price of oil approaching all-time highs, the cost of home heating this winter is expected to soar. Experts say it's not a question of whether it will be a bad winter for consumers, just how bad.

Even before oil breached the $90-a-barrel barrier last week and began racing toward $100, the Energy Information Administration had forecast higher prices. But those forecasts Oct. 9 now seem low.

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