Prices
Why do heating oil prices change so often?
By TerriLynn Paquette · · 3 min read
The price you pay for heating oil isn't set by your supplier alone. Global, regional and local forces all play a part. Here are the big five.
1. The price of crude oil
Crude oil is the raw material, and it can make up as much as 70% of the price of heating oil. When crude moves, heating oil follows.
2. OPEC and world events
Production decisions by OPEC, plus geopolitical events, sanctions and weather in oil-producing regions, all change how much oil reaches the market.
3. Weather and demand in the Northeast
More than 90% of U.S. heating oil is used in the Northeast, so a cold snap here can push prices up nationwide.
4. Local competition
The number of suppliers in the Attleboro/Taunton and northern Rhode Island area — and how close we are to a shipping port — affects local prices.
5. Other fuels
Prices for natural gas and propane influence demand for heating oil, and so its price.
Found a lower price?
Call our office. We'll work to match a competitor's price — then order your delivery.