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January 2009 Heating Oil Price Rise

January 10, 2009

CONNECTICUT - Home heating oil prices have been dropping since March 2008, when the average price was a record high $3.96 per gallon.

Every week since, the price has dropped at least a few cents, and at times $0.10 or $0.20 in a week. On December 22, 2008, the average price in Connecticut for a gallon of home heating oil delivered by a full service dealer was $2.45, and then dropped to $2.38 a week later on December 29, 2008. With oil back at $2.45 per gallon, this could signal a mid-winter change in pricing.

Oil has always been a somewhat uncertain commodity -- subject to price fluctuations based on global events. Home owners who are not "locked in" may see anything from a gradual rise in home heating fuel prices, or a drastic spike should some unforeseen factor suddenly effect oil prices.


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