Why do oil prices in Maine change?
We all know that oil prices fluctuate from year to year. Why is this the case? Here’s a breakdown: The market price of oil is affected by several factors that are constantly changing. With that in mind, it is not possible to predict prices and how they will fluctuate.
Click here to take a look at the U.S. Department of Energy’s outlook for crude-oil prices.
Factors that Influence Crude Oil Price
The heating-oil-pricing equation is a complicated one. Here’s an overview of how it works.
- Heating oil is refined from crude oil. (This is similar to how diesel, jet fuel and gasoline are produced.)
- The factor with the strongest influence over the price of heating oil is the price of crude oil.
- Since crude oil is globally traded, many forces worldwide drive its value up or down. Sometimes a hurricane or other natural disaster or weather event shuts down a refinery. Other times, an international crisis can disrupt crude oil production.
- Mere speculation about the weather or current events can have an impact on price. It’s important to remember that the supply-and-demand relationship is not the only factor.
Weather-Related and Seasonal Demand: During especially cold or otherwise extreme winters, oilheat prices are often driven upward. Operational costs, including overtime, and competition between oilheat dealers also lead to price variations throughout the winter.
Looking Out for You
Local, independently owned heating oil companies work hard to ensure homeowners and businesses in the area get the best prices possible without compromising on quality, safety or environmental concerns. They also ensure you have the heating and home comfort experience you deserve in several other areas as well, regardless of what’s happening in the market.
- They maintain an ample supply of fuel. When you get your fuel from a Maine oilheat company, you can rest assured that you’ll have the supply you need throughout the season.
- They deliver energy-efficient fuel. Maine oilheat companies deliver ultra-low-sulfur heating oil or Bioheat® fuel—and soon enough, they’ll be offering EL 100. These cleaner, low-emissions fuels are easier on your equipment and easier on your wallet.
- They offer automatic delivery. Enjoy the convenience of free, automatic delivery, and never worry about the expense or hassle of a run-out again.
- They offer flexible pricing and payment options. Whether you’re interested in locking in your price or spreading your bills out over most of the year, heating oil companies in the Pine Tree State are here for you and will work with you to ensure your pricing and payment plans are realistic and helpful to you.
Reach out to your local oilheat dealer to find out about their delivery, pricing and payment options. Contact us if you need help tracking down a dealer.