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Old 08-04-2011, 08:51 AM
 
Location: South Portland, Maine
2,356 posts, read 5,050,038 times
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looks like Oil is coming down currently around $91 barrell.. I am considering locking in... I read a report the other day that it could come down to $82 a barrell but I hate playing the timming game..

at $94 the daily price the other day here in auburn was 3.22 a gallon but to lock in would be much more.. guessing around 3.45??

Just curious to see how the other Mainers are playing this??
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Old 08-04-2011, 09:43 AM
 
2,427 posts, read 5,483,350 times
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I could have locked in last year at $3.29/gal. with an employee discount because I sell their gas, but didn't. By the time March rolled around this year my buttocks were sore from kicking myself. It seemed I worked all winter just to pay for heating oil.

Will the price drop much more before October? Roll the dice and hope it does.

Two years ago heating oil topped out in June at $4.25/gal. As it rose people panicked and pre-purchased, just to watch the price slide through the summer-ouch…..!
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Old 08-04-2011, 10:21 AM
 
22 posts, read 35,163 times
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Like I mentioned in another post not long ago, the new "low" price/gallon of gas will probably be $3.50 or so. The little reprieve we got mid-summer was a joke and the price/gallon went up to the current price. Now that the per barrel price is hovering around $90 and may drop more, don't expect a big drop in heating oil or pump fuel. These damn oil companies are greedy bastards. I think last year when oil was ~$90, the pump price was ~$2.60. We should be a heck of a lot lower than where we are now. Just doesn't add up.
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Old 08-05-2011, 12:51 AM
 
Location: God's Country, Maine
2,052 posts, read 4,050,964 times
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We rejected all three bids for #2, for the school heating last week. This is a difficult call this year.
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Old 08-05-2011, 08:40 AM
 
Location: Central Maine
1,472 posts, read 2,693,449 times
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I've seen so many friends lose their shirts trying to gamble on locking in oil contracts. And it really is nothing more than gambling. There is not an objective answer to your question.
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Old 08-05-2011, 09:02 AM
 
Location: Maine
502 posts, read 1,563,822 times
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For what it's worth....

We pre-bought 600 gallons mid-june at $3.69 with down side protection. First deliver was two weeks ago at $3.41 i think. Delivered 170ish gallons. Down side means we are charged at the $3.41 price and price won't be above $3.69. At time, it looked like prices would sky-rocket, but now I doubt it. My bet if doing it now, save cash and look for bargains during winter. I doubt it will be over what I bought at as I feel we are heading into another recession.
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Old 08-06-2011, 07:41 PM
 
Location: South Portland, Maine
2,356 posts, read 5,050,038 times
Reputation: 1519
Quote:
Originally Posted by shadowfax1997 View Post
For what it's worth....

We pre-bought 600 gallons mid-june at $3.69 with down side protection. First deliver was two weeks ago at $3.41 i think. Delivered 170ish gallons. Down side means we are charged at the $3.41 price and price won't be above $3.69. At time, it looked like prices would sky-rocket, but now I doubt it. My bet if doing it now, save cash and look for bargains during winter. I doubt it will be over what I bought at as I feel we are heading into another recession.
The guy I deal with has always been pretty streight with me.. He himself feels no matter what.. oil has to come down.. either it will come down and maybe the economy wont crash or the economy will crash because of the outragous prices and then it will come down..

He says blame it on oil day traders and politicians that don't want to do anything about it..
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Old 08-06-2011, 07:51 PM
 
Location: Central Maine
1,472 posts, read 2,693,449 times
Reputation: 1276
Quote:
Originally Posted by flycessna View Post
The guy I deal with has always been pretty streight with me.. He himself feels no matter what.. oil has to come down.. either it will come down and maybe the economy wont crash or the economy will crash because of the outragous prices and then it will come down..

He says blame it on oil day traders and politicians that don't want to do anything about it..
I think the whole oil industry makes money on each fluctuation. When the price of crude goes up, the next day the price of gas goes up. When the price of oil comes down, over two weeks the price of gas saunters down. That difference put a bunch of money in their pockets.
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Old 08-07-2011, 02:23 AM
 
18,278 posts, read 23,409,125 times
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shame on us, for putting ourselves in this position, when we could be drilling for our own oil...long ago

the price of oil this winter, like last winter will be between ..... gouged and screwed
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Old 08-07-2011, 05:48 AM
 
Location: Bangor Maine
3,442 posts, read 5,594,998 times
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It would seem that many that are now going with the Bangor Natural Gas here that it would be a bit of competition for the oil dealers. Remains to be seen I guess. It is being installed on our street an about 40% or the people seem to be hooking in. We decided not to go for it. It would require us to have a new liner for the chimney, and a retro fit for the furnace. There is no reason to believe that it will be fewer dollars spent to heat the house for the winter. It will be interesting to see how people that hooked in like it come spring.
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