Heating fuel prices continue upward climb
The current statewide average cash price for No. 2 heating oil is $2.22 per gallon, up another eight cents (3.7%) over the last two weeks.
The average statewide kerosene and propane prices have also increased over the same time period, according to the Governor’s Energy Office weekly heating fuel price survey conducted this week on Tuesday. The average statewide kerosene price increased nine cents (3.4%) and is now at $2.75 per gallon. The average statewide price for propane heating customers is now $2.39 per gallon, four cents (1.7%) higher than two weeks ago.
Since Oct. 3, heating fuel prices have increased 9% to 15%, depending on the fuel.
The price for heating oil is a statewide average; prices in a given geographic region of the state may be considerably higher or lower than this average. Within this week’s sample the highest heating oil price found was $2.51, and the lowest heating oil price found was $1.95.
Also, the statewide average price for propane is based on consumption of at least 900 gallons a year. Households using propane just for cooking or hot water generally pay a higher per gallon price.
Market trends
The Organization of Petroleum Exporting Countries recently announced that both member and some non-member oil producing countries would curtail oil production by up to 1.8 million barrels per day in 2017. Markets have reacted to this announcement, according to the Governor’s Energy Office, and global prices have risen more than 20% since late November.
Heating oil prices have generally followed crude oil prices, although price increases often lag behind crude oil increases, and have risen 4.7% over the past several weeks.
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