Heating Oil Prices Skyrocket to Record High

Irene L. Joffman

Heating oil prices in the US skyrocketed to a report higher for little enterprises and other buyers in the last 7 days.

New information from the US Energy Information and facts Association displays the regular price for a gallon of No. 2 household heating oil jumped from $4.62 to $5.33 in the last 7 days, a 15% maximize. Which is the optimum selling price ever, at the very least due to the fact EIA started tracking this facts in 1990.

Heating oil is a lot more than $5 for only the 2nd time in the heritage. It formerly broke the $5 a gallon mark again in March.

The increase in costs comes as temperatures keep on to drop, creating a need for more heating oil for many small organization owners and house owners.

Present Rate of Heating Oil

Earlier this 7 days, EIA predicted the regular heating oil customer would very likely be having to pay 28% much more this 12 months than they did in 2021.

At this time last yr, the US common price on a gallon of household heating oil was $3.28. In 2020, it was $2.13, that means the rate has a lot more than doubled considering that Oct two several years in the past.

Here’s a regional breakdown of the cost of a gallon of residential heating oil, as of the Oct. 13 update from EIA:

  • US Avg: $5.33
  • New England: $5.27
  • Central Atlantic: $5.51
  • Reduce Atlantic: $4.78
  • Midwest: $4.33

Heating oil is most highly-priced in the pursuing states:

  • Delaware: $5.63
  • New York: $5.54
  • Connecticut: $5.50
  • New Jersey: $5.50
  • Maryland: $5.49

Are heating oil prices heading up or down?

The price tag of heating oil historically goes up through the conclude of the 12 months, so it’s anticipated the rate will go up at least by means of October but probable for a longer time.

Other factors, like a minimize in oil creation, will lead to a smaller sized provide of oil, far more desire, and bigger price ranges.

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