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Just curious what the consensus is on locking in home heating oil this year? I haven't shopped around much, but one company (Vernon area) is offering to lock in at $4.39/gal or put a cap at $4.89/gal for a fee. How does this compare with what others have found?
I feel like the price was heading south but is probably going to stabilize now...winter demand may cause it to rise though. I'll probably take my chances...
I just paid 3.89 a gallon in Woodbury yesterday. It had been 4.39 two weeks ago. I would say it is going to keep coming down. That was at St Pierre in Woodbury.
I locked in a rate the year before last, and was stuck with extremely high oil rates for the winter because the price of oil dropped. Last year I didn't lock in a rate, but the price of oil rose much higher than the rate I could have locked in. It's a gamble. But I think with a price cap plan, if the price falls below your cap, you pay the lower rate, isn't that correct? I might look into that. Although, I wonder what sorts of fees there are for price cap plans. My dh leaves it all up to me, but I am at a loss at this point.
This particular price cap plan had a fee of 75 bucks...I bet that's typical. But since it capped off at $4.89 the price of oil would have to reach over $5 for more than half the season to make it worthwhile. I don't think that'll happen, so I'll take my chances...
Just curious what the consensus is on locking in home heating oil this year? I haven't shopped around much, but one company (Vernon area) is offering to lock in at $4.39/gal or put a cap at $4.89/gal for a fee. How does this compare with what others have found?
I feel like the price was heading south but is probably going to stabilize now...winter demand may cause it to rise though. I'll probably take my chances...
No matter what we're all pretty screwed.
Thanks
Down here in Fairfield County, I was quoted a pre-paid price of $4.29/gallon a couple of weeks ago by my existing supplier. Today, I saw an ad in the local paper from another supplier for $3.74/gallon pre-paid or $3.84/gallon locked-in rate through June 2009. Not sure what I'm going to do yet.
Hi all, its been a while since I posted or visited here been busy. Anyhow I work in the business (oil and propane gas service /distribution) the best bet as of TODAY in early September would be to hold off a bit on any lock ins or pre-buys. We just dropped our prices from $4.29 to $3.79 the other day and the advice from upper managment to employees was "if you dont need a delivery just yet....try and hold off". We are anticipating another drop which could be similar to the recent drop. Price per barrel for sweet crude is tumbling rapidly, even the speculators have had a tough time (no sympathy from me) keeping the price above $100.00 dispite the storms in the Gulf. Keep calling on those prices!!!!!!!!!!!!! My best guess would be by early October.
Last edited by acebritty; 10-15-2008 at 09:35 AM..
Reason: accidently posted this twice
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