Households in the United States have benefited from falling energy prices in recent years, which has worked to drive down the overall cost of living.<\/p>\n
According to a recent report<\/strong><\/a> from the U.S. Energy Information Administration (EIA), the energy component of the the chained consumer price index for urban consumers (C-CPI-U) declined 35.3 percent from June 2014 to February 2016. <\/p>\n From June 2014 to February 2016, both crude oil and natural gas prices declined, which affected a number of fuel-based expenditures, including heating costs and electricity prices. These decreases in energy costs helped to offset increases in both food and shelter costs in the same time period.<\/p>\n According to the EIA, average energy expenditures per U.S. household on an annual basis reached its highest level in 2008, approximately $5,300 per household, per year. Household energy costs saw a steep decline the following year, 2009, but then increased again, year-over-year, in 2010 and 2011.<\/p>\n But since 2011, the U.S. has seen a steady decline in annual household energy costs. Declines were seen in 2012, 2013, and 2014 on a yearly basis. All told, between 2008 and 2014, average annual household energy costs dropped 14.1 percent.<\/p>\n In the range of 2008 to 2014, costs associated with natural gas dropped 25.1 percent, while electricity costs stayed relatively even, declining slightly by 0.7 percent.<\/p>\n Between 2008 and 2014, average annual household #energy<\/a> expenditures declined by 14.1% https:\/\/t.co\/ceIXj52hyP<\/a> pic.twitter.com\/w2oDs3RUMD<\/a><\/p>\n — EIA (@EIAgov) May 3, 2016<\/a><\/p><\/blockquote>\nPeak household energy costs reached in 2008<\/h3>\n
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