Experts say you should prepare for home heating oil costs this summer

The price of home heating oil continues to increase, and is not expected to slow down anytime soon
Published: Jun. 4, 2022 at 4:43 AM EDT
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BRUNSWICK, Maine (WMTW) - Most people are prepared to switch off the heat for a few months, as the summer season is about to kick in. Financial advisor for Maine Credit Union League, Jen Burke, says this can also be a time to start saving for those home heating bills that will hit this fall and winter.

The average cost of home heating oil in Maine in May of 2021, was $2.55 a gallon. In May of 2022, the cost is more than double at $5.86 a gallon.

Maine oil companies like Murray-Heutz Oil and Propane, say oil prices are generally set by the NY mercantile exchange that wholesale, refiners and ultimately small companies like his react to.

Companies like Murray-Heutz act as the middleman between these decisions and the customer, left with sharing the bad news with customers.

O’Brien says higher prices is bad news for businesses like his because costs for inventory-receivables go up.

The company also has to offer competitive pay to truck drivers, in the midst of a labor shortage and increased diesel prices.

Burke recommends Maine homeowners who had a difficult time paying their energy bills this past winter, start budgeting now.

She also recommends looking to state funded programs like LIHEAP, figure out if there is fuel assistance available in your municipality and how to apply for it if you are eligible.

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