Optimism remains high for the long-term stability of oil prices. Thanks to slow growth in global demand and a huge increase in U.S. production, heating oil prices have been remaining stable over the past few years. In January 2016, crude oil prices reached a a 13-year low!
Our country is producing so much oil now that we are moving toward being a net exporter of oil, rather than a net importer. And that’s good news for prices.
Heating oil, like diesel fuel and gasoline, is a “finished” product derived from crude oil. That’s why heating oil prices are so closely tied to the price of crude oil.
While there’s always a chance that prices may go up because of cold weather or unexpected events (like another crisis in the Middle East or hurricanes temporarily shutting down refineries), the outlook is very positive for oil prices.
To take away any worries about the normal ebb and flow of oil prices, many companies offer programs designed to save you money and keep your heating bills manageable—no matter what happens with world oil prices.