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terrene_gw

What are you paying for Heating Oil this year??

terrene
17 years ago

For those of you who live in places with cold winters, and use oil to heat your house, I'm curious what you're paying for heating oil this winter.

Did you arrange for a payment plan or a prepayment plan? Do you have a cap on the price of your heating oil?

Usually I just go along with the cap program that my Oil Company offers in the Spring, that includes a cap fee of about $40. NO prepayment, I pay month to month. This has worked very well for the past few years.

This year was a little different. They didn't offer the usual cap program. The owner was very concerned about the volatility in oil prices. Back in August, he offered his customers the crazy option of capping at $2.299/gallon IF the price of a barrel of oil hit $60 before January 1st. (He also had some other more conservative options.)

I decided to go with this option, which had me checking the price of oil on the Mercantile exchange. Prices went under $60/barrel yesterday!

So I am capped at $2.299, or will be charged the floating price, whichever is lower.

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