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Friday, September 30, 2022

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Record-High Heating Oil Prices


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Winter 2021-2022 ends with unprecedented price spike

 

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Residential heating oil prices reached record highs in the first two weeks of March 2022.

According to the U.S. Energy Information Administration (EIA), the average residential price jumped to $4.922 per gallon for the week ending March 7, an increase of more than 86 cents from the previous week and more than $1.94 higher than the price at this time last year. This was, by a wide margin, the highest weekly residential heating oil price on record for the EIA, which tracks prices dating back to October 1990.

Meanwhile, wholesale heating oil prices averaged $4.264 per gallon for the week ending March 7, more than $1.17 higher than the previous weekly average and more than $2.18 higher than last year’s price. This too was a record-high according to EIA’s weekly wholesale price statistics, which date back to October 2013.

Retail prices rose by another cent to $4.934 for the week ending March 14 while wholesale prices fell sharply to $3.787.

According to EIA and state agency data, during at least one of the first two weeks of March, the average weekly retail heating oil price topped $5.00/gallon in every state in the Northeast and Mid-Atlantic regions except Maine, Maryland, Pennsylvania and Vermont (all of which saw record prices nearing $5.00/gallon). Massachusetts heating oil dealers reported prices as high as $6.10/gallon for the week ending March 14.


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