Heating Oil Prices

Get to know heating oil pricing in Maine

heating oil prices

Source: Maine.gov

Fluctuations in heating oil prices from one year to the next are to be expected. Still, it’s natural to wonder: Why does this happen? In short, a number of factors influence the market price to answer the question, “How much is heating oil?” This combination makes it impossible to anticipate what prices will be in the first place, much less how they will change.

How is the price of crude oil determined?

The question of how the price of crude oil is determined is a big part of how we get the answer to the question, “What is the cost of heating oil today?” Here’s a recap of how the price is ultimately set:

  • In similar fashion to how gasoline, jet fuel and diesel fuel are created, crude oil is refined into heating oil.
  • Many factors the world over drive the fluctuations on the value of crude oil, since it is traded on a global scale. A natural disaster, like a hurricane or other weather event, for example, can shut down a refinery or the production process can be interrupted by an international crisis of another kind.
  • Even nonevents, like news coverage can affect the price, even though they are not at all related to supply and demand.

Seasonal Price Variations

When the weather is incredibly cold, you might see the price of oilheat increase. Several factors influence changes in the market, including overtime and other operational costs. It can be difficult for oilheat business owners to anticipate when these changes may happen.

Understanding Surcharges

Oilheat prices are very straightforward. When an oil dealer quotes a per-gallon price, the customer pays exactly that price—no extras. Utility gas bills generally include supplemental charges beyond the cost of the fuel itself, such as delivery and supply charges, cost adjustment charges, taxes, franchise fees and more, so it’s important to be on the lookout and ask questions if anything about your bill is not clear.

In Your Best Interest

Heating oil companies truly want you, the customer, 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 healthy supply of energy-efficient fuel and offering 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.