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By mid-October, residential heating oil spiked from $4.62 to $5.32 a gallon. That’s the highest price since the U.S. Energy Information Association began tracking prices in 1990.
While heating oil dropped sharply toward the latter half of October, analysts predict costs this winter will be the highest in more than a decade.
“A number of factors are converging to create a bleak situation: Global energy consumption has rebounded from the start of the pandemic, and supply was barely keeping pace before the war in Ukraine further reduced supplies,” the Associated Press reports.
The expected result could be significant jumps in costs, whether you heat your home with natural gas, electricity, or oil.
That’s why it might be a good time to talk to clients about switching to propane. Furnaces and boilers fueled by propane offer efficiency ratings up to 98 percent, helping to provide ongoing utility bill savings. Plus, propane generators can provide backup to the power grid, which may be prone to disruptions this winter, Utility Dive reports.
