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Dwelling Heating Oil Prices Are The lowest In Years

WTNH) — The time to fill up your private home heating oil tank is through the canine days of summer season.

“With the value being so low, plenty of individuals are taking benefit and filling proper up,” said Dave Spurgas, who owns Viking Oil in Norwich. “We’ve been much busier this August than we have been previously.”

Spurgas says the costs are the lowest he’s seen in not less than five years.
“We’re at $1.799 gallon in the present day,” he said.

The Department of Vitality and Environmental Protection says the typical worth per gallon in Connecticut is $2.365, with $3.299 being on the high end and $1.799 the bottom. Some would possibly think it’s a good time to lock in the value, but for those who do you may not get the current value all winter lengthy.

“Most of the lock-ins are higher they seem to be larger, but the factor is I think the value is going to stay smooth all winter, that’s why I don’t see an advantage to locking in,” said Spurgas.

In the past, Viking Oil petroleum refining questions news would permit people to lock in the price, but when costs dropped, prospects paying a better price weren’t too glad. That’s one cause the Norwich oil company and others say they now not do lock-in charges.

“That’s at all times a problem too because no one desires to be on the losing end of that,” mentioned Spurgas.

There may be “downside protection” for purchasers, however Spurgas says it nonetheless might not be price locking in if costs keep low, and with all the drilling within the U.S. he thinks they’ll.

“We’re producing extra oil than we ever have and that’s the whole motive the worth is down and to deal with the markets,” stated Spurgas. “The markets are getting crushed for the time being.”

The low costs additionally profit the oil firms because prospects at the moment are filling up their tanks as an alternative of just shopping for one hundred gallons at a time ready for petroleum refining questions news the costs to drop. petroleum refining questions news Which means the businesses solely must make a pair deliveries per season instead of four or 5 for a similar quantity of oil.

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