Written on: October 14, 2022
This year, volatile energy prices have been an unpleasant fact of life. After heating oil prices spiked in the spring, we saw them decrease throughout the summer. These price fluctuations were driven by global factors, including market speculation, supply issues, and the conflict in Ukraine.
On October 5, OPEC reduced its oil production by two million barrels a day, and this has caused prices to skyrocket yet again. In just the last few days, the price we pay for heating oil has increased by more than a dollar per gallon.
We want to say right away that this situation frustrates us as much as it does you. We hate the disruption to our business and especially to you, our customer. We hope prices go down again soon, as they did over the summer. But with prices changing so quickly, no one can definitively say where they’re are headed in the weeks or months ahead.
With history as our guide, we can say two things with confidence. Firstly, this price spike will not be limited to heating oil — all energy sources with be affected, from natural gas to grid electricity. Secondly, what goes up must come down. It’s just a matter of when.
We’ll keep tracking heating oil prices daily (sometimes hourly) and keep you in the loop. In the meantime, there are some steps you can take.
Enroll in our no-fee automatic delivery if you haven’t already. We have great relationships with our fuel suppliers. Still, there’s reason to believe that oil supplies will become a problem in the coming months. Having customers on automatic delivery helps us effectively manage our supply and ensure everyone stays comfortable and safe. And remember, we always prioritize our current customers.
Additionally, we can help you plan for higher prices by providing a breakdown of your prior heating oil usage that you can use to budget for the winter. Please let us know if we can help.
Finally, please call us if you’re worried about paying. We can almost always work out a solution with you. But the sooner we can address your concerns the better. Please don’t wait to contact our team.
We have been in this business a long time, and we’ve weathered many tough periods. Rest assured that we’re doing everything we can to help you navigate the winter with a little less stress. We are always here when you need us.