After winter demand for heating oil slackens and before peak summertime demand for gasoline, home heating oil dealers typically lock in prices for the next heating season. According to a recent AP news report, prices for home heating oil were double in May 2008 what they were in 2007.
This is not a good sign for New Yorkers who heat their homes with oil.
Last winter, customers may have benefited if they filled their tanks with lower cost oil before the full impact of price increases hit, or they may have had a contract that locked in a price or capped the maximum price. If oil prices stay high through the summer, prices during the 2008 - 2009 winter season might even be worse, creating more problems for low income households whose incomes have not kept pace with rising prices.
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