How did heating oil’s competitors fare this winter?
For many years, we have taken pride in delivering our customers the cleanest, safest and most reliable fuel money can buy. Recent events have reinforced the value of heating oil, proving once again that heating your home with oil remains a smart choice.
The polar vortex, arctic blasts of winds, record low temperatures, plenty of snow and treacherous “black ice.” This winter was painful, but people who heat their homes with oil had less to worry about than other folks— although prices remained higher than either you or we would like.
The most serious situation occurred with propane; prices hit record highs because of sky-high demand, which led to a severe supply shortage in both the Northeast and the Midwest. At one point during the winter, propane prices had more than doubled.
Meanwhile, demand for natural gas pushed natural gas prices to their highest levels in nearly four years. Even for people who heat with oil, our increasing dependence on natural gas is driving electric rates ever higher. Some utility companies have announced increases in their electricity rates as they struggle to meet peak periods of demand.
Compounding the problem is the fact that the supply infrastructure of natural gas is unable to meet even current usage levels, let alone projected increases.
In contrast, the International Energy Agency reports that the United States is poised to become the world’s biggest oil producer soon, thanks to new drilling technology. The increase in our domestic supply should drive down prices and provide real relief in years to come.
All of these factors — and many more — make oil heat a smarter choice than ever.