Heating oil prices have reached another record high in the US.
According to new information today from the Energy Information Administration (EIA), the average price for a gallon of heating oil in the US is $5.90. That’s up 7 cents in the last week, and marks another all-time record high.
Record High $6 Heating Oil in Several US States
The price for a gallon of heating oil is more than $6 in four US states:
- Delaware – $6.16
- New Jersey – $6.15
- New York – $6.06
- Maryland – $6.05
It’s nearly $6 a gallon for heating oil in several other states, too:
- Connecticut – $5.97
- Ohio – $5.94
- Rhode Island – $5.93
- Massachusetts – $5.93
These prices and higher energy costs across the board (electricity, natural gas and gasoline are up, too) will likely have a dampening effect on small businesses this Fall and winter. Not only will they have to budget more for energy costs, their customers will definitely be feeling the pinch around the holiday shopping season.
The current price of retail heating oil is way up over this same time last year, according to the EIA. On average, a gallon of heating oil is $2.50 more expensive than in November 2021.
Prices on heating oil are only expected to go up from this point, at least through the early part of 2023. In a tweet on Tuesday, EIA posted, “We expect that low inventories of distillate fuels, which are primarily consumed as #diesel fuel and heating oil, will lead to high prices through early 2023.”
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Wow, Joshua, that will have an effect on the economy and small businesses. Hopefully, this will turn around at some point. For now, we have to prepare for higher prices in the near future, sadly.
For a country with fairly large oil reserves and good ability to pump it, I don’t understand how we have issues here so frequently. Aren’t we also having trouble keeping diesel fuel in stock too?