End of Summer Heating Oil Prices Take Dip

September 3, 2010

MASSACHUSETTS - Heating oil prices have fallen nearly $0.20 on average since April -- steadily dropping over the course of the summer. Heat waves, reduced travel and industrial demand due to the economy have helped keep oil prices low.

Still, with the average cost per gallon of #2 home heating fuel at $2.72, (on August 24, 2010), and priced at $2.49/gallon one year earlier -- prices have risen slightly over the past year as the global economic gridlock shows some signs of movement.

Heating oil buyers should not forget that just two years ago, in the final months of the Bush/Cheney administration, heating oil in Massachusetts was at a near record high average of $4.02, (August 19, 2008), with some paying $4.66 or more -- and scared the price would go higher.

Oil customers are advised to note trends in heating oil price, weather predictions, political "season" and other economic factors to aid them in deciding if they should pre-buy, or look for a locked or capped plan, or to just pay daily market rate when heating oil is needed.

###