TEXT OF STORY
Scott Jagow: Now that it’s nice and hot out, it’s a great time to think about heating oil. I’m not kidding. This is the time when homeowners can lock down heating oil prices for next winter. But it’s a gamble, as Steve Tripoli explains.
Steve Tripoli: Shane Sweet with the industry group New England Fuel Institute says locking in your oil price early makes sense given recent history.
Shane Sweet: If you looked at it over the past 10 years, I think most dealers would tell you that it’s generally been a smart thing to do.
But there are no guarantees. Many of last year’s lock-in customers lost money when the price of oil fell late last winter.
Still, Sweet says there’s a lot to be said for knowing your price in advance.
Sweet: It’s about budgeting. I think it’s about peace of mind.
So, are lots of folks buying peace of mind this year?
Sweet: The interest doesn’t seem to be as high as it has been in years past. But after you’ve had a relatively warm winter, that’s not uncommon.
But last year’s weather isn’t a good guide to upcoming oil prices. The better question is how much you want or need price stability.
Right now, the government’s predicting that heating oil will cost around $2.59 early next year.
I’m Steve Tripoli for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.