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Oct 26
2011

You're Running Out of Time to Lock or Cap Oil Prices for the Heating Season.

Posted by: Ken Lempit

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Ken Lempit

If you heat your home with oil, you might still be well advised to lock or cap home heating oil prices for the 2011-12 heating season.  Prices from our recently selected oil company are up $.22 over the last three weeks, exceeding the $.20 per gallon cap premium we paid in only a month since we made our commitment.  According to the Energy Information Agency blog post on Oct. 12, home heating oil prices are headed for a record this heating season.  And that prediction was before the succession of Saudi royalty was disrupted with the death of a West-friendly next in line prince (never mind what's going on in Libya and elsewhere in Africa).

There's a good blog post here on HomeESP which goes into details about how to make a selection of a home heating oil company.  It's definitely worth calling three or four companies to get the best set of prices and cap / lock features for your situation and preferences.

EIA chart on expected oil prices

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Prices up another 5 cents since this post
klempit
With better expectations for economic performance and continued insecurity about supply, heating oil prices were higher by $.05 in Connecticut over the last week (statewide and from our heating oil provider). If you haven't locked or set a cap, any decision re a cap or fixed price will have to take your expectation of further price increases into account, something we can't help with, unfortunately (our crystal ball is no better than anyone else's).
klempit , October 28, 2011 | url

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