WYOMING – Wyoming may be known as an energy producing state with its robust coal, oil, and natural gas extraction industry. But did you know we also use a lot of energy here in Wyoming? And that ain’t cheap.
A new report from WalletHub ranking the most energy-expensive states puts Wyoming at the top of the list as the #1 most pricey and power-hungry. The reason? Our long, cold winters require a substantial amount of heating, resulting in oil and electricity consumption.
But it’s our frequent trips to the gas station that puts Wyoming over the top. We drive here in this big state. A lot. The nearest store, high school event, or movie theater can be a long way away.
WalletHub reports that in the US, energy costs eat between 5 and 22 percent of families’ total after-tax income, with the poorest Americans, or 25 million households, paying the highest of that range. And lower energy prices don’t necessarily equate to savings. Where we live and how much energy we use are a big part of the equation. For instance, although electricity is relatively cheaper in Southern Louisiana, its scorching summer heat raises costs for residents compared with the temperate climate in more energy-expensive Northern California, where heating and cooling units stay idle most of the year.
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. Their analysis uses a special formula that accounts for the following residential energy types: electricity, natural gas, motor fuel and home heating oil.
