U.S. Residential Heating Oil Prices
Notes:
- One of the first places where consumers are feeling the impact of this winter’s
market pressures is in home heating oil prices. This chart shows prices for the last four
winters, with this year’s prices shown through January 24, 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.
- Although heating oil prices for consumers started this winter at similar levels to those
in 1997, they already rose nearly 20 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 shot up almost 30 cents in one week, from about
$1.20 per gallon January 17 to almost $1.50 January 24.
- Prices for other home heating fuels, including propane and natural gas, also rose as
temperatures dropped.