On October 5, OPEC announced it was slashing production by two million barrels a day. Within just three days, our suppliers increased the cost of heating oil by 70 cents per gallon. That’s right, 70 cents per gallon.
This is not just impacting heating oil. Expect natural gas, electricity, gasoline, and propane to move higher too. Of course, this is not simply about supply and demand. We’ve learned that when prices move this far this fast, you can always see the impact of Wall Street firms that jump to take advantage of the momentum to make a quick buck. (Or should we say millions of bucks?) It frustrates the heck out of us.
Of course, things can turn around just as quickly. We saw prices spike in spring only to drop by over a dollar in summer. There are just too many variables to know where things will go from here.
Here are a few things to bear in mind:
I will try to keep you informed as events unfold. There are many things we can’t control, but we will always prioritize our existing customers over new ones. We will go the extra mile to keep you safe and warm. And we will be there when you need us.