Regional Residential Heating Oil Prices
- One of the first places where consumers are feeling the impact of this winterís market pressures is in home heating oil prices. This chart shows prices through February 28, 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 through mid-January. With the continuing upward pressure from crude oil markets, magnified by a regional shortfall of heating oil supplies, residential prices jumped significantly from January 17 through February 7.
- The problem is basically limited to the Northeast. From January 17 to February 7, New England 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.
- Residential prices for February 14 showed drops of about 35 cents per gallon in both the New England and Mid-Atlantic regions, while prices rose about 2 cents in the South Atlantic and Midwest. Smaller drops have followed through February 28.
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.