Heating Oil is a great way to heat a home, offering superior reliability, low maintenance costs, and more efficient heating than many other traditional home heating methods. However, one of the biggest differences between heating oil and other energy sources like natural gas and electricity is the degree to which prices fluctuate.
There are a number of factors that can affect home heating oil prices, and with prices currently reaching record highs, residential and commercial customers alike are wondering just what is going on. So why are heating oil prices so high right now, and can consumers expect them to drop anytime soon?
What Is Currently Driving Heating Oil Prices Up?
Heating oil, just like the gasoline used in cars, is refined from crude oil. This means that the prices of heating oil can be greatly affected by the state of international markets and world events.
For example, the breakout of wars in or near oil-producing countries can drastically increase heating oil prices. This is something that most consumers have observed for themselves at one point or another, and the recent outbreak of conflict between Israel and Hamas is no different. However, this is just one of the many reasons that heating oil prices are currently so high.
There are also a number of factors here in the United States that have caused prices to go up. The first reason is that the number of oil refineries in the US has dropped recently, reducing the country’s capacity for heating oil production and making it harder to meet demand.
This is compounded by the fact that the United States’ Strategic Reserve of crude oil and diesel fuel is far below the 5-year average, further reducing the supply available to American consumers.
Still, the fluctuation of heating oil prices is incredibly complicated, and these are only a few of the largest factors currently driving up prices. The real question is, should consumers expect prices to stay that way?
Will Heating Oil Prices Come Back Down?
Though there are quite a few factors that are currently driving heating oil prices up, it’s important to remember that these could just be temporary, and historically speaking, what goes up, does eventually come back down as the market adjusts. However – this is never a guarantee – just as world events can cause prices to go down, they can also drive them back up.
Another thing to remember is that heating oil prices vary drastically depending on supply and demand, which is highly correlated with the time of year. Right now, winter is coming, and it’s getting colder, which increases the demand for heating oil and reduces the supply. However, as the winter passes and it gets warmer again, prices will drop in response, making it the perfect time to stock up before the following winter.
How Chester County Fuel Oil Can Help Homeowners Save On Energy Costs
Even though the price of heating oil is currently quite high, there are still plenty of ways for Chester County home and business owners to save money on their heating oil bills. In fact, Chester County Fuel Oil offers a wide variety of options, including different pricing, payment plans, and service plans that help customers get the best deal possible on their fuel delivery and heating system services.
A Wide Variety of Pricing Plans
Chester County Fuel Oil offers several pricing plans to help customers save money on their heating oil delivery purchases. In addition to their market rate plan, where customers simply pay the current market rate for the heating oil they buy, they also offer their Fixed Pricing and CAP Pricing Plans.
Both of these pricing plans allow customers to lock in the price they pay at the beginning of the season. This ensures that customers will never have to pay any more than what they agreed on at the beginning, no matter what happens to the market rate of heating oil.
The CAP Pricing plan allows for even further potential savings, as not only will a customer’s heating oil price not rise above the CAP rate they locked in, but if the market rate drops, the price they pay drops with it.
Flexible Payment Plans
Chester County Fuel Oil also offers a variety of payment plans, the most popular of which is the Budget Plan. This plan helps customers save money in the short term by splitting the cost of their season’s worth of heating oil into 12 equal monthly installments.
However, further savings can also be had with the 10-Day “Pay As You Go” and Prebuy Plans. These plans allow customers to get their heating oil at a discount for paying within ten days of delivery or prebuying their season’s worth of heating oil upfront.
Affordable Oil Burner Service Contract Prices
Chester County Fuel Oil doesn’t just help customers save on heating oil. They also offer affordable service contracts that help customers save on HVAC services like routine maintenance and repairs.
Proper maintenance is incredibly important to the longevity and effectiveness of an HVAC system, and if ignored, it could lead to costly repairs. With a service contract from Chester County Fuel Oil, customers can avoid expensive breakdowns and ensure that their HVAC systems are in pristine working condition all year round. You can even bundle your hot water heater too.
Contact Chester County Fuel Oil Today
Are you looking for a heating oil and HVAC service company you can trust to save you money? Give Chester County Fuel Oil a call! They’re always there to answer your questions and tell you more about how they can help you cut your HVAC costs. Don’t get stuck paying more than you need to. Call Chester County Fuel Oil today!
