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Report ranks Texas as among least expensive states for energy
A new report analyzed energy costs across the United States to find out what states had the highest energy prices. Turns out, Texas falls rather low on that list.
The study from WalletHub ranked Texas as No. 49 on the list of the 2023 Most Energy-Expensive States. According to the U.S. Energy Information Administration, almost a third (27 percent) of the country report having difficulty meeting the energy needs of their household.
"To better understand the impact of energy on our finances relative to our location and consumption habits, WalletHub compared the total monthly energy bills in each of the 50 states and the District of Columbia," reads the report. "Our analysis uses a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil."
The report ranked states based on their total monthly energy cost, but also identified the following:
- Monthly electricity cost
- Monthly natural-gas cost
- Monthly motor-fuel cost
- Monthly home heating-oil cost
- Wyoming at $845
- North Dakota at $645
- Alaska at $613
- Connecticut at $593
- Massachusetts at $589
While Texans can find some comfort in the lower-than-average energy costs, the whole country is expected to see some prices increase, one of the report's experts says.
"Most likely, energy prices will continue to rise in 2023, although perhaps more slowly than at times in the past," writes Peter C. Burns, director of the Center for Sustainable Energy at Notre Dame. "The war in Ukraine continues to create uncertainty in energy supplies in Europe, while pledges to reduce oil production in the interests of reducing greenhouse gas emissions will also contribute to increasing prices."