How Do Heating Oil Prices Affect Middle Class Families?
“High Oil Prices To Impact Millions Across The Country This Winter” is a November 2022 Today Show segment concerning higher heating oil prices in the coming months.
Russia’s invasion of Ukraine and OPEC’s plans to cut crude oil production are the causes of higher prices. At the time, heating oil prices were 27% higher than the year before, and natural gas prices were up 28%.
New England’s supply of heating oil inventory was only one-third of normal levels, but industry insiders did not expect a problem meeting the demand.
One person expected the higher heating oil prices to force some to choose between feeding their families and heating their homes. Her solution was to use her wood stove since she bought enough wood to heat her home for the winter for less than half a tank of oil would cost.
Recommendations for others concerning heating oil prices include:
-Checking windows for leaks, sealing or replacing them as needed.
-Adjusting the thermostat when sleeping or out of the house
-Properly maintaining your heating system
Also, many states or utilities have home energy assistance programs to help those struggling with heating oil prices.