Oil Prices Hit 6-Year Low
Last heating season came with excellent news for New Hampshire homeowners who heat with oil: the price per gallon became more affordable just in time for one of the longest winters we can remember. As we approach the season this year, the market continues to look favorable and stable for NH residents to heat their homes safely and economically.
Oil prices reached a six-year low over the summer, assuring oil heat consumers nationwide that continuing to use the fuel as their primary home energy source is not only convenient but economical.
The drop in oil prices over the last several months is a result of supply and demand both domestically and worldwide. Domestic oil production has increased rapidly in the U.S., lessening the demand for foreign crude oil imports (which translates to the creation of more jobs and steps toward energy independence!). Supply is still abundant in the world’s top oil-producing regions, but with domestic production growing in the U.S. and other economic factors, exporters from across the globe are lowering prices – and setting the price standard – in order to stay afloat.
What’s the bottom line?
As long as oil supply is high and demand is stagnant or declining, low heating oil prices should be here to stay at least for the near future.
Low fuel pricing and environmentally-friendly advancements like energy-efficient equipment and Bioheat will help continue to make home heating oil the top energy choice for homeowners in New Hampshire.