Heating oil prices are surprising everyone, including the major oil producers such as the Saudis and the US Energy Information Administration (EIA).
Just a couple of months ago, the EIA predicted that heating oil prices nationally would be about 50 cents less per gallon in 2015 than in 2014. They are now saying the difference will be a dollar. Better yet, they project that prices will continue to fall this winter when you need oil the most. Prices may begin to rise modestly in late spring.
Here in New England, we have definitely seen wholesale heating oil prices fall dramatically. You have seen similar heating oil price trends at the gasoline pump.
Usually, our members save the most money in January & February, when most dealers outside our network have secured their customers and no longer compete on price as ferociously. And this is happening right now! When wholesale prices fall, dealers in our network are required to pass the savings onto our member’s penny for penny.
By our analysis, during the heating season of 2013/2014 our members saved 32 cents per gallon compared to the state average as computed by the state energy office and adjusted for monthly heating degree days. We are proud of that level of performance, but this year looks like it’s going to be far better, more likely 50 cents! If you use 700 gallons, that amounts to a savings of $350 compared to the average customer.
If you live in Massachusetts, join & start getting a fair price with a full-service dealer today at www.massenergy.org . If you live in Rhode Island, you can join here www.ripower.org.