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Understanding Heating Oil Prices

Global factors influence energy costs — but Needham Oil can help.

heating oil prices Newton, MA Let’s be honest: the last few years have been rough for consumers in Newton and across Eastern Massachusetts. Whether at the gas pump, in the grocery aisle or sitting at your kitchen table and opening a utility bill, you’ve probably faced more than your fair share of sticker shock.

Unfortunately, heating oil has not been immune to the price surges in all energy sources — and all products, really. We can report that heating oil prices are markedly lower now than they were at their painful heights in 2022. Even so, we appreciate that Needham Oil customers want some sense of stability with a fuel that faces regular market fluctuations.

Here’s a rundown of what influences heating oil prices and a few ways we can help.

Why Heating Oil Prices Fluctuate

Traditional heating oil is a distillate of crude oil, which means that its price is tied to the ups and downs of global energy markets. There are a decent number of international factors that have impacted heating oil prices in recent years. These include the following:

  • Refinery stoppages during the Covid lockdowns
  • Global conflicts and energy embargos
  • Supply chain disruptions
  • Weather events across the world
  • Production cuts from OPEC
  • Market speculation in Wall Street

Then, there’s the demand component. Almost all the heating oil usage in the U.S. happens in the Northeast. So, if there’s a sustained cold snap or blizzard in our part of the country, demand rises — and prices do, too.

Finally, operational expenses can affect heating oil prices. These variables include transportation, storage and delivery costs. At Needham Oil Complete Heating & Cooling, we work hard to maintain stable supplies and run our operations smartly so we can keep these expenses low.

How to Lower Heating Costs This Winter

There are some simple, effective ways to save money on your heating costs that won’t adversely affect your winter comfort.

  1. Use our clean-burning Bioheat® fuel, which incorporates organic biodiesel. It burns more cleanly than regular heating oil, lowering maintenance costs, increasing your system’s lifespan and reducing repairs.
  2. Arrange annual heating maintenance. This affordable service will improve your system’s efficiency and reduce how much heating oil you use.
  3. Turn down your thermostat a few degrees while you’re asleep or at work. This can save you up to 10% on your heating costs.

Needham Oil Can Stabilize Your Heating Oil Costs.

When you use heating oil to stay comfortable in the winter, most of your fuel expenses occur in a few frigid months. Needham Oil customers can stabilize their billing and slash their winter expenses with our SmartPay budget plan. We’ll spread your heating oil costs over the course of the year. You’ll always know exactly how much your fuel costs will be, even if you need two deliveries in one month.

If you’re interested in discussing ways to lower your heating oil expenses, please reach out to the Needham Oil team today.