Heating oil prices are already high. And it’s likely to keep going in that direction, at least into the near future. And that’s not news any small business owner who relies on heating oil through the winter months needs to hear.
According to new information out from the US Energy Information Association, the average cost of a gallon of residential heating oil in the US is currently $4.62.
Current Price of Heating Oil
The $4.62 per gallon for heating oil is actually down from March, when it was $5.12, the highest the price had gotten while EIA tracks heating oil prices. EIA tracks heating oil from October through March.
Heating oil broke the $4 per gallon plateau at the end of February 2022.
Here’s a regional breakdown of the price of a gallon of residential heating oil, as of the Oct. 5 update from EIA:
- US Avg: $4.62
- New England: $4.49
- Central Atlantic: $4.79
- Lower Atlantic: $4.43
- Midwest: $4.43
Heating oil is most expensive in the following states:
- Delaware: $4.97
- New York: $4.86
- Maryland: $4.74
Are heating oil prices going up or down?
Unfortunately, it appears heating oil prices are going up at precisely the wrong time.
Cooler weather means small businesses are going to be reaching for the thermostats more often in areas where heating oil is a must. And the more small businesses do that at their properties, their customers are too, which is likely going to tighten wallets this Fall and winter.
It appears heating oil prices are heading up for the foreseeable future. Earlier this week, OPEC announced, to the chagrin of many, that it’s cutting oil production. That’s likely to drive up the cost of heating oil and gasoline.
Inflation Concerns Compounded for Small Business Owners
Rising costs for heating oil only compile the persistent financial challenges facing small business owners right now. Gasoline prices have started climbing once again and the cost of many food items continues to go up.
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