The last thing on your mind is probably home heating oil while summer is still in full swing. But with cold nights around the corner, now is the time to start preparing for rising heating oil prices! On this episode, I’m taking a look at past pricing for home heating oil, what influences oil rates, and when YOU should restock home heating oil before the winter.

You will want to hear this episode if you are interested in...

• Historic home heating oil costs [1:51]
• Influences on the price of home heating oil [3:58]
• When is the best time to buy home heating oil? [5:36

Understanding the rising costs of oil

Last Halloween, home heating oil prices hit a record high of $5.40 per gallon, and I’ve been keeping my eye on them ever since. Considering they were under $2 per gallon for most of 2020, I was curious to see why there’s been such a spike. Obviously the price of home heating oil is based on supply and demand. I knew the demand was good because the majority of us were quarantined in our homes through winter 2020. 

However, the cost of crude oil is a major factor for home heating costs. Because no one was traveling or driving much during the pandemic, the price of oil collapsed in 2020, and crude oil got down to a historically low $30 per barrel. But post-lockdown, oil has been on an exponential rise. In fact, 2022 saw prices as high as $100 per barrel thanks to the Ukraine War. In 2023, crude oil prices dropped to around $70 per barrel, but a recent surge has seen barrels of crude going for no less than $85. Are more price hikes in store? Should you restock on home heating oil now? Listen to this episode to find out!

Resources Mentioned

• Retirement Readiness Review
• McKinley Oil

Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact