Home Heating Oil Prices on Long Island Continue to Drop
After experiencing frigid conditions and high energy prices in the previous year, most US consumers will be able to save substantially more this coming winter season, mainly because a milder season is anticipated, the Energy Department forecasted in the beginning of October. Households that depend on heating oil, mainly in the Northeast, should expect to pay 15 % less this winter season due to the recent decrease in world oil prices. Homes that use mainly electrical power, which is in the majority of the South, can expect to save 2 %, with 3 % higher prices but 5 % less usage.
The roughly 50 % of US homes that use natural gas should expect a drop of 5 % in their gas bills regardless of somewhat higher residential rates as homes use 10 % less gas, the department projected in its report on winter fuels.
“U.S. households in all regions of the country can expect to pay lower heating bills this winter,” Adam Sieminski, administrator of the United States Energy Information Administration, said in a statement, “because temperatures are forecast to be warmer than last winter and that means less demand for heat.”
The Energy Department said that daily oil production in September was around 8.7 million barrels, the highest monthly total since July 1986. Natural gas production is also increasing, and there has been a record build in inventories mostly because of the “mild summer that resulted in less electricity generation to meet air-conditioning demand,” Mr. Sieminski said in a statement. In essence, decreased energy prices can be accredited to the mounting production of oil and natural gas in shale fields in Texas, North Dakota, Pennsylvania and few other states.
Employees at Domino Fuel say home heating oil prices on Long Island are the lowest they’ve been in the last 10 years. Nonetheless, the company noted that the lower prices are not bringing in extra business.
Employees at Domino Fuel say oil prices are typically high this time of year, but this year things are different. They believe one of the reasons is because many people are switching to natural gas, so there is a surplus of heating oil.
The owner of Domino Fuel – Mr. Matty says oil prices have dropped significantly over the last month. He says they are the lowest they’ve been in 10 years at $2.73 per gallon. The average price of oil earlier this year was $3.79 a gallon.
Long Island homeowners who use heating oil to heat their homes say they are happy about the lower prices and hope they stay this way.
In addition to lower oil prices, gasoline prices also continue to drop. AAA says this is because of a decreased demand for gasoline and an increased supply.
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