Heating oil is 59% higher than last winter going into the cold months
The national average hit about $5.91 a gallon on Nov. 9. Maine is up 75%, and one aid agency there got 150 emergency calls in its first hour.
The Prepper Brief, Sat, Nov 14, 6:30 PM ET, Source: CNBC
The average price of heating oil was about $5.91 a gallon as of Nov. 9, up $2.19 from a year earlier, according to the Energy Information Administration. In Maine, where about half of homes heat with oil, the average is $5.83, up 75%.
About 4.1 million US households heat mainly with oil, and close to 3.4 million of them are in the Northeast. The EIA expects the average oil-heated home to spend $2,115 from November through March, about 21% more than last winter, even with a warmer winter forecast for the region. Homes on natural gas or propane are expected to pay a little less than last year.
Researchers at the Federal Reserve Bank of Kansas City point to a tight world market for refined fuels, with supply shocks from the Iran war and the Russia-Ukraine war, low inventories and limited refining capacity. The administration has released some reserve barrels, and some members of Congress want more money for heating assistance.
AVEC Community Action, which runs heating aid in three Maine counties, opened its emergency fuel line on Nov. 2 and had 150 voicemails in the first hour. Many dealers also set a minimum delivery. In Maine, ordering at least 100 gallons avoids a surcharge, and 100 gallons costs about $600 right now.
If you heat with oil, order before the tank runs low and know your dealer's minimum delivery. If a wood or pellet stove is your backup, have it checked now. Aid workers in Maine are already worried about backup heaters that are no longer safe to run. Help with the bill comes through the federal LIHEAP program, which you apply for through your state or a local community action agency.
Heating oil prices are up 59% from last winter. The spike is 'crushing folks,' Maine nonprofit says
CNBC, 11 hr ago
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