Home Heating Oil Forecast for this Winter
EAST LONGMEADOW, Mass. (WGGB) — The chilly overnight temperatures have many people thinking about their heating bills this winter.
One local home heating oil dealer weighed in on the upcoming heating season.
“The Department of Energy predicts the average price should be around $3.79 a gallon,” says Edward Taft, President of Auth Fuels in East Longmeadow.
Today, if you ordered a delivery of oil, Taft says you’d pay $3.59 a gallon.
Oil prices can fluctuate to the customers’ advantage or disadvantage. That’s why many customers are signing up for a program that helps protect them from the oil price roller coaster ride.
“We actually offer a capped budget program that we can guarantee our customers that it won’t go above $3.79 but if the price is lower, they will get the lower price. so a lot of our customers have chosen to participate in that program,” says Taft.
Taft says customers pay about $25 a month as a kind of insurance policy to take part in the capped budget program.
The question on everyone’s mind is: what will happen to oil prices this winter?
“If the winter is normal weather-wise and there’s very little unrest in the Middle East, I actually think you could see prices decline from where they are now which would be nice for everybody,” says Taft.
Ed Taft says about half his customers have signed up for the capped budget program. The other half will take their chances and see where the market goes.