What Affects The Price of Heating Oil in New Jersey?
Many factors can affect the price of heating oil throughout New Jersey. As with crude oil, the price of heating oil will fluctuate regularly based on market conditions which include inventory levels, supply and demand, the stock market, and the global economy.
The Demand for Heating Oil is Seasonal
During the winter months—October through March—home heating oil prices tend to rise as the demand for heating oil is at its highest, but although common, this is not always the case. On average New Jersey homeowners can expect to use approximately 750-1,000 gallons of oil during the winter whereas, in the spring, summer, and fall; one tank may last for four to five months.
Operating Costs Vary
The cost of oil delivery in New Jersey can vary affecting heating oil prices. The simple cost of gasoline or diesel, truck maintenance, and labor can cause an increase in your heating oil bill.
Crude Oil Price Changes
Oil prices in New Jersey change as frequently as crude oil prices worldwide. Did you know the price of heating oil generally follows crude oil prices? The cost for crude oil refiners to produce heating oil and the costs to distribute and deliver heating oil will all play a part in how much you pay for oil. Additionally, as with supply and demand, the worldwide economy and weather can affect oil prices in New Jersey.
To Ensure You Get the Most Out of Your Heating Oil, Patriot Discount Oil Recommends:
- General maintenance and servicing be completed on an annual basis.
- Homeowners should caulk and apply weather stripping to windows and doors.
- Ensure your home has the correct amount of insulation in the attic and walls.
- Reduce thermostat temperature settings, especially when the area being heated is vacant.