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"A painful winter" ahead for home heating oil customers as prices spike
WRGB • • business
Key Points:
- Heating oil prices in New York have surged nearly 70% compared to last year, reaching $6.27 per gallon, causing concern for residents who rely on it for home heating.
- The price increase is attributed to global factors, including the war in Iran, as heating oil and gasoline share the same oil sources from the Middle East.
- The federal government released 315,000 barrels of oil from the Northeast Home Heating Oil Reserve to boost supply, but the impact on prices, especially in New York, remains uncertain.
- Experts recommend that homeowners enroll in budget payment plans, improve home energy efficiency, and maintain furnaces properly, including regularly changing filters to reduce heating costs.
