Oil Heating System Home heating oil customers in Morris County can expect to pay higher energy prices across the board this winter for several reasons, including the threat of a U.S.-led war against Iraq.
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Local Heating Oil Prices "I really feel that it's all hinging on the news reports," said Tony Gaglio, a co-owner of Parsippany Fuel Oil Co.
Scheduled replacement of air, oil, gas, fuel, transmission and other filters extend car life and improve performance.
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Residential Heating Oil Prices Prices are slightly higher now than they were at this point last year, said Gaglio, who is charging $1.05 per gallon on a full-service contract and 95 cents for his cash-on-delivery customers.
After installing attic insulation, most people simply forget about it – until it becomes too hot or too cold. To combat this change in temperature, you might change the thermostat to a better temperature, which increases your energy costs. If you should have an abnormally warm summer or cold winter, these costs can increase even more. And if the oil prices or natural gas prices are high one year, then costs rise even more.
Maine Heating Oil Prices "When people heard all about war with Iraq, it started causing a panic out there," he said. "People are on edge hoping the prices will stay low. I tell them all the same thing: 'I wish I could give you an answer, but I can't.'
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Cheap Heating Oil "As far as where it's going, that's a good question. It's like the stock market - nobody knows that answer."
The current price for Brent Crude oil has subsided over the last few months, expected winter in the northern hemisphere and the resulting need for less heat.
Heating Oil Prices Ct Industry experts predict that expected colder weather, higher oil prices and a stronger economy could force residential customers to pay $100 to $300 more to heat their homes this winter than during the unusually mild winter of a year ago.
Heating Oil Delivery And with fuel prices increasing and demand probably greater than last winter, the costs of keeping warm this year is expected to increase 19 percent to 45 percent, depending on the type of fuel, the Energy Information Administration, the U.S. Department of Energy's analytical arm, said in its winter outlook report.
Heating Oil Nj The EIA predicts a return to normal winter weather this season after last year's unusually warm winter depressed demand and prices. The EIA projects an average price of heating oil 25 cents higher this winter, or about $1.35 a gallon, with an average household expected to spend $934 for the heating season, compared with $643 last winter. The average expenditure two winters ago was almost $1,000.
Connecticut Heating Oil The average household heating bill for those using natural gas was put at $710, compared with $596 last winter. That also was substantially lower than the average of $945 two winters ago.
Heating Oil Long Island The EIA said heating oil inventories had slipped to the lower range of normal seasonal levels, raising the potential of "strong upward price risk near midwinter if weather turns colder than normal."
Heating Oil Ct Based on information from the National Weather Service and the DOE, this winter will be colder than last, but warmer than a normal winter. The winter heating season runs from October through March.
Discount Heating Oil The EIA report also noted that this winter's heating costs still are expected to be below those of two years ago, when winter temperatures were more normal. The EIA analysis did not attempt to take into account the potential of supply disruptions should war break out against Iraq.
Heating Oil Partner Even without a war, "our expectation is that (tight) crude oil inventory will keep upward pressure on prices," said Guy Caruso, the EIA administrator. He predicted that oil prices could hover around $30 a barrel into the first quarter of 2003.
Heating Oil Prices And The price of a barrel of benchmark West Texas crude was $29.63 yesterday on the New York Mercantile Exchange. It has reached $30 a barrel several times in recent months, as traders feared any strike on Iraq might lead to a spread of violence in the oil-rich Middle East and disrupt essential flows of crude oil. Such action would halt Iraq's oil exports, which average about 2 million barrels per day.
Connecticut Heating Oil Prices Mark Cooper, of the consumer advocacy group Consumer Federation of America, said the Bush administration should consider a drawdown of the Strategic Petroleum Reserve and the Northeast Heating Oil Reserve to help lower fuel prices.
Heating Oil Cost "When they (prices) start to rise, people should start to scream about using either or both of these reserves as an economic reserve," he said.
Home Heating Oil Company The Bush administration has said it would tap the reserves when there was a supply disruption, not to control oil prices.
Fuel Oil For Heating Cooper also said the administration should ease procedures to quickly get federal money to the states and distributed to low-income families that need help in paying their winter heating bills.
Home Heating Oil Prices Ma "Heating prices for poor people are a life-or-death situation," he said.
Complete Guide To Residential World crude prices traded higher on Monday after a devastating bomb attack in the Indonesian resort of Bali added to underlying nervousness, although traders said it had no immediate consequences for oil trade.
Heating Oil Prices Nj Gains also were bolstered by fears that a tropical depression forming in the Caribbean Sea could move into the Gulf of Mexico and hit the region's oil supplies, as Hurricane Lili did earlier this month. The recent Gulf Coast hurricane threat raised prices, reducing natural gas production and briefly roiling the market.
Oil Heating Stove Despite high oil prices, which some economists say could halt the fragile economic recovery, officials with the Organization of Petroleum Exporting Countries (OPEC) said at the weekend they saw no need to inject more crude oil into the market.
Heating Oil Prices Nh They implied current price levels were the result of speculation of a possible war rather than a shortage.
Element Filling Heating The Northeast is the nation's largest consumer of Middle Eastern oil, primarily because of the combination of a large, dense population and the fact that it is a place where natural gas is less commonly used.
Heating Oil Supplier Oil prices have also been traditionally higher in the Northeast than in much of the rest of the country because of a high demand and a sparse number of large refineries. Crude oil - most of it pumped from the ground in the Middle East, Nigeria or Venezuela - is refined in places with a glut of refineries like the Gulf Coast states. Then it is shipped north through pipelines and distributed locally in tractor-trailers, barges and other expensive forms of transportation.
Heating Oil Price Ma All of this means that a spike in crude oil prices worldwide could have a fast and furious impact, causing costs to rise more sharply in the Northeast than in other parts of the country.
Home Heating Oil Prices Ct Some fear a repeat of 2000, when high crude oil prices sent the cost of petroleum products - from jet fuel and gasoline to home heating oil and petroleum-based plastic bags - skyrocketing.
Petro Heating Oil This time, worries are not just based on the potential for harsh winter weather or the so-called war premium that could raise oil costs if the United States invades Iraq. The concerns also stem from an OPEC decision in January to slow down production because of a weakened economy and a drop in jet fuel purchases after Americans and Europeans stopped flying as frequently.
Compare Heating Oil Prices Meanwhile, supplies natural gas remainare plentiful.It's the fuel used for heating in much of the country, especially in the Midwest, although prices were expected to edge up somewhat in the coming months, the EIA analysis said.
Heating Oil Additive Propane, also used for heating in many rural areas, is in good supply as the winter season approaches, the agency said.
Heating Contractor Oil Furnace "Under normal weather circumstances, fuel supply conditions are expected to be sufficient to avoid any serious heating fuel price spikes this winter," Caruso said.
Heating Oil Prices New Jersey By James A. Duffy
Daily Record - 10/15/2002
Topic: Petroleum Industry
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