Good Evening
Good Evening

LI heating oil price rises

If forecasts for colder weather and high energy

If forecasts for colder weather and high energy prices are right, homeowners who use heating oil will pay more per gallon than last winter -- and will use considerably more of it. (Oct. 3, 2012) Credit: Newsday / Audrey C. Tiernan

Heating oil from full service dealers on Long Island jumped by another 4.4 cents in the week ended Monday, the state said.

The new average of $4.291 is the highest since March 19, and 30.5 cents higher than a year ago, said the state Energy Research and Development Authority.

Forecasts of colder weather combined with high oil prices have prompted private and government petroleum experts to warn that the coming winter could be costly for homeowners and businesses that heat with oil, including most on Long Island. The U.S. Department of Energy forecast last week that heating oil customers would pay 19 percent more to stay warm this winter -- “higher than any previous winter.”

Despite warm weather, the price of heating oil on Long Island has risen by almost 48 cents a gallon since June 25, pulled upward by higher crude oil prices and a variety of planned and unplanned refinery outages. Heating oil is nearly identical to diesel fuel which is used year-round worldwide for transportation and industry.

More news