There has been plenty of good news recently about oil prices. In early 2016, crude oil prices plunged to a 13-year low. Though prices have crept up again since then, the U.S. Department of Energy still forecasts that crude oil will remain within the $50-$60 per barrel range in 2017 barring any unforeseen events.
This bodes well for heating oil prices since the fuel you use to heat your home is derived from crude oil. Heating oil prices—like other refined fuels such as gasoline—are closely tied to the price of crude oil.
A driving force for these stable, manageable prices has been the massive increases in U.S. production. The U.S. is producing so much oil that we are moving toward being a net exporter of oil, rather than a net importer. This could become a reality within the next 10 years, according to the U.S. Energy Department. Other factors that have kept oil prices under control have been a strong dollar and lower global demand.
To take away any worries about the normal ebb and flow of oil prices, contact your Massachusetts heating oil dealer. Many companies offer programs designed to save you money and keep your heating bills manageable—no matter what happens with world oil prices.