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The U.S. Energy Information Administration projects a 10% decline in spending for home heating oil this winter while spending for propane is projected to grow 14%. There are projected increases of 6% for natural gas, and 7% for electricity, the agency says. (Associated Press).
In practically every house in America, capital is being wasted on energy consumption. That’s because the average electricity spend per year is $1,368.36 per year, and 35% of the power used is actually wasted.
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Prices for heating fuel seemed to be one of rare bright spot: propane and home heating oil are the cheapest in three years. However, the market situation remains volatile - oil prices have rebounded somewhat over the past week, and that means an increase in how much we pay for fuel.
Over the past 14 days since around April 13th the Heating oil prices have fallen from around $1.1 per gallon to $0.70, and the trend is still downward, but the last couple of days show a slight reversal. Price fluctuations are a normal event but keeping an eye on the trend is still useful when planning heating oil purchases.
