Inflation amid surging home heating oil costs may force Americans to make sacrifices in winter: nonprofit CEO
Mainers worry about warming their homes through the winter as oil surges alongside sky-high inflation
{{#rendered}} {{/rendered}}Mainers, facing skyrocketing home heating costs alongside general inflation surges, are worried they won't be able to afford to keep their houses warm through the winter, the head of a nonprofit that helps those in financial need told Fox News.
"We always hear from our struggling neighbors, friends and family members about winter and how hard it is, but we've not heard concern like we are hearing this year," Penquis CEO Kara Hay told Fox News. "And what we're hearing is 'We don't know how we're going to make it.'"
The cost of heating oil across Maine averaged about $4.35 — a more than 50% year-over-year increase — as of Oct. 3, according to the U.S. Energy Information Administration. And with inflation hovering around 40-year highs, Mainers haven't been able to save for winter heating during the off-season like usual, according to Hay.
{{#rendered}} {{/rendered}}"We often hear people say 'We have to pick between keeping our home warm in the winter and buying needed medications, we have to pick between filling our gas tanks to go to church or go to the grocery store, or buying the food that we need to get through,'" Hay told Fox News.
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Maine residential heating oil price is averaging nearly $4.35, up over 50% from one year ago. (Photo by Lane Turner/The Boston Globe via Getty Images)
Penquis works with low- and moderate-income families to help them become financially secure through its programs and subsidiaries. Its Home Energy Assistance Program, for instance, provides funding for low-income homeowners and renters to help with heating costs.
{{#rendered}} {{/rendered}}Typically, the program can provide enough funding for about a tank and a half of oil per family, according to Hay. But with the price surge, the CEO anticipates that'll drop to just half a tank this year.
Kara Hay is CEO of Penquis, a community action agency aimed at providing resources to those struggling financially. (Fox News Digital)
"In our area, currently home heating oil is over $5 a gallon, which is a significant increase," Hay told Fox News.
{{#rendered}} {{/rendered}}"If you think about long Maine winters, an average winter might require four tanks of oil," she continued. "So as you can imagine, that's a significant gap to help Mainers get through the winter."
Inflation nationwide hit a 40-year record in June at 9.1%, according to the Department of Labor. It's since eased slightly, but remained at 8.3% in August.
{{#rendered}} {{/rendered}}"A small hike in gas prices, a small hike in grocery might not seem like a lot to those who are doing okay financially, but when you're counting every penny, those add up, and they add up fast," she said.
The nationwide average gas price peaked at above $5 dollars a gallon over the summer. Meanwhile, the cost of food for home preparation was up 13.5% in August compared to the year prior.
Many Mainers usually tuck away money during summer months to save for the winter, but weren't able to do so as easily with inflation, Hay said. (Storyblocks)
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{{#rendered}} {{/rendered}}Hay, however, also expressed her gratitude for the donations Penquis has received.
"One of the things that brings me great hope is the generosity of our community members," she said. "I'm incredibly thankful for the local individuals who give and donate to help those who are struggling."
If you would like to assist Penquis beneficiaries, you can donate here.