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Heating Oil Costs Set One other New Report Excessive

Heating oil costs jumped 38 cents within the final week, alone. That spike within the worth of heating oil shatters the file excessive set simply final week.

The brand new common worth for a gallon of residential heating oil within the US is a record-high $5.72. Final week, the value was $5.34.

And these excessive costs, mixed with the already excessive costs on electrical energy and different utilities, plus the elevated prices resulting from inflation, proceed to place extra of a pressure on small companies.

Present Value of Heating Oil – Oct. 20, 2022

Heating oil has jumped greater than $1 per gallon in simply 2 weeks.

Proper now, the price for a small enterprise to fill an empty, 250-gallon tank with heating oil is, on common, $1,431.50. Small companies and houses use residential heating oil not just for protection towards chilly air, but additionally to offer scorching water, in some circumstances.

Right now final yr, the US common worth on a gallon of residential heating oil was $3.36. Heating oil costs have gone up 70% within the final yr.

Right here’s a regional breakdown of the value of a gallon of residential heating oil, as of the Oct. 17 replace from EIA:

  • US Avg: $5.72
  • New England: $5.70
  • Central Atlantic: $5.84
  • Decrease Atlantic: $5.03
  • Midwest: $5.21

Heating oil is costliest within the following states:

  • Delaware: $5.90
  • New York: $5.86
  • New Jersey: $5.86
  • Rhode Island: $5.85
  • Pennsylvania: $5.79

Are heating oil costs going up or down?

Heating oil costs proceed to go up, within the mistaken course for small enterprise homeowners and others who depend on it for heat throughout chilly climate.

Traditionally, costs are inclined to go up on heating oil via the top of a calendar yr, when demand will increase, principally in cold-weather states.

EIA tracks knowledge from the areas famous above. And EIA has been reporting and monitoring the value of heating oil since 1990.

Different elements, like a lower in oil manufacturing, will result in a smaller provide of oil, extra demand, and better costs.

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