Source: Maine.gov
It’s important to know that for the most part, the price of oil has been relatively low since taking a steep drop in 2014-2015. But there have been a lot of changes in the last few years that have upended the markets.
Global crude oil prices soared to their highest point in eight years after Russia invaded Ukraine in late February 2022. As you probably know all too well by now, as the price of crude oil goes, so goes gasoline, heating oil, and the many other products derived from it.
Prior to this, energy prices in all sectors—oil, propane, natural gas, and electricity—had been on a steady rise because production hadn’t yet caught up with the pent-up demand that quickly followed the perceived end of the pandemic.
Even before the war in Ukraine further accelerated price increases, frenetic consumer spending–combined with persistent supply shortages—contributed to inflation rates soaring to their highest level in 40 years.
If that’s not enough, when the weather is incredibly cold, you also might see the price of heating oil increase. Several factors influence changes in the market, including overtime and other operational costs. It can be difficult for heating oil companies to anticipate when these changes may happen.
Heating oil companies truly want customers to get the best price possible. They don’t compromise on quality in order to make that happen, nor do they sacrifice when it comes to safety or the environment. Ultimately, it is their priority to make sure your home is as comfortable as possible no matter what’s happening in the market. They keep a stable supply of energy-efficient fuel and offer programs like automatic delivery, as well as flexible pricing and payment options.
Learn more about what oilheat dealers throughout Maine are doing every day of the year to ensure that you have the best possible home heating experience.