Heating Oil – The price will be enough to leave you cold!
If you think the price of gasoline is high, wait until the first cold snap of the season. Typically, home fuel oil is a seasonal product but the price is definitely tied to the overall cost of crude oil. As the price of the raw material is now at an all time high, we can expect heating oil to also go up substantially from last year.
In many places the price of home heating oil is equivalent to the price of gasoline. This is interesting as the price of gasoline typically has between 45-55 cents in transportation taxes built into the price.
Heating Oil is a product that is actually created in the off season in the refineries that make gasoline during the winter. The way this works is simple. An oil refinery doesn’t make any money unless it’s making product. Even going full bore 100% of capacity which is almost impossible, the oil refineries throughout the country are unable to meet the demand for fuel or heating oil during the winter and gasoline in the summer. The answer to this dilemma, while also recognizing the need to keep the plant operating at peak efficiency is to...
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