A dramatic rise in the cost of heating oil over the past several months has been shocking to sellers and customers alike.
“We had never seen above $4 (per gallon), and cleared $4 and $5 this year,” said Jared Trinks, manager of Trinks Brothers Oil in Manchester.
While energy prices dipped in 2020 due to the pandemic, utility bills steadily rose again in 2021 and are now spiking due primarily to the war in Ukraine. The expectation is that energy prices will continue to rise for the time being, exacerbating the squeeze on homeowners and renters alike. Below are key statistics and information on the current energy environment, as well as tips to estimate utility costs and save money.
A vacant home needs maintenance, protection and comes with inherent risks. Ensuring heating system safety is just one of the concerns.
The skyrocketing price of fuel comes as the United States has shipped more refined products like gasoline, diesel, and fuel oil, abroad to supply European markets following Russian President Vladimir Putin’s invasion of Ukraine in February, further tightening the market.
Right now, the lowest price for Number 2 heating oil in southern Maine is $5.73 a gallon. The highest price is $6, as low-income and working-class families feel the pinch.
Connecticut homeowners are reeling this spring as oil prices spike at the end of the heating season, tracking rising global demand and markets upended by Russia’s invasion of Ukraine.
Oil would jump $1.50 a gallon in a week when oil dealers previously “wouldn’t see 1.50 in a year,” Childs said. She compared her business with gas stations that also are grappling with rapidly rising prices.