Slide 2 of 11
- One of the first places where consumers are feeling the impact of this winters
market pressures is in home heating oil prices. This chart shows prices through February
7, the most recent EIA data available.
- The general level of heating oil prices each year is largely a function of crude oil
prices, and the price range over the course of the heating season is typically about 10
cents per gallon. Exceptions occur in unusual circumstances, such as very cold weather,
large changes in crude oil prices, or supply problems.
- Heating oil prices for East Coast consumers started this winter at just over $1 per
gallon, but rising crude oil prices drove them up nearly 21 cents per gallon through
mid-January. With the continuing upward pressure from crude oil markets, magnified by a
regional shortfall of heating oil supplies, residential prices have jumped significantly
since January 17.
- The problem is basically limited to the Northeast. The Midwest saw very little runup
through February 7. From January 17 to February 7, the New England area prices rose well
over 78 cents per gallon and the Mid-Atlantic rose over 76 cents per gallon, while the
South Atlantic increased about 26 cents and the Midwest only increased about 10 cents.
- EIAs residential price survey for February 14 is in process, but the data received
so far show significant declines in line with the drop in diesel fuel prices.
Note:New England includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode
Island, Vermont. Mid-Atlantic includes: Delaware, District of Columbia, Maryland, New
Jersey, New York, Pennsylvania.