Brunswick Based Oil Dealer Goes Belly Up! (Yarmouth: low income, coupon)

[Maineah]

Thibeault Energy abruptly closed it's doors on Saturday without warning after 84 years in business.
A message to concerned customers was left on their answering machine stating they were very sorry but the closing was beyond their control.
There are many prepay customers, including many elderly, left wondering if they will ever get any of their pre paid oil balance returned or if they're just out the money on top of having to find another oil dealer in a hurry. A BIG concern where it's 10 below zero!
This is not a great way to go out for a company that has had a good loyal customer base for decades. Their customers deserved a bit of a warning.
Looks like I have to find a new propane supplier. I only used it for cooking and my clothes dryer so it isn't critical. I'd hate to be in my mid 70's on a fixed income, pre paid for the security of oil for the winter, and now having to chose between eating and heat.

[Ode]

I can imagine the fear many elderly are experiencing right now over this. But given the current economic situation, there are families with children in fear right now too. The company has oil and propane storage on the site, doesn't it? Maybe there will be some way for the people who pre paid to get at least some of what they paid for. Surely a judge is going to be involved here in some way?

[Northern Maine Land Man]

I'm not a lawyer and don't play one on TV, but I bet an injunction could be obtained and the trucks placed in escrow to deliver oil to contacted customers. The company assets could be used as collateral to obtain oil at the rack price. Is young Kennedy still in business to help low income people with fuel?

As trillions of unsecured dollars pour into world markets, the costs of basic commodities to Americans will rise. Small honest business people may not have seen this coming at them. Few small business people could have anticipated the printing of trillions of dollars out of nothing.

[Maineah]

Originally Posted by Northern Maine Land Man

I'm not a lawyer and don't play one on TV, but I bet an injunction could be obtained and the trucks placed in escrow to deliver oil to contacted customers. The company assets could be used as collateral to obtain oil at the rack price. Is young Kennedy still in business to help low income people with fuel?

As trillions of unsecured dollars pour into world markets, the costs of basic commodities to Americans will rise. Small honest business people may not have seen this coming at them. Few small business people could have anticipated the printing of trillions of dollars out of nothing.

My fear is $6.00 a gallon oil is not too far down the road. That's a year round payment of $550.00 a month JUST to pay for oil to heat your home! Think it can't happen?? Tell me it can't when gas hit's $4.00 a gallon again next summer!!! I can't wait to pay $100.00 to fill my truck again!!

[dmyankee]

Originally Posted by Northern Maine Land Man

I'm not a lawyer and don't play one on TV, but I bet an injunction could be obtained and the trucks placed in escrow to deliver oil to contacted customers. The company assets could be used as collateral to obtain oil at the rack price. Is young Kennedy still in business to help low income people with fuel?

As trillions of unsecured dollars pour into world markets, the costs of basic commodities to Americans will rise. Small honest business people may not have seen this coming at them. Few small business people could have anticipated the printing of trillions of dollars out of nothing.

Rep,rep,rep...

[cebdark]

Originally Posted by Maineah

My fear is $6.00 a gallon oil is not too far down the road. That's a year round payment of $550.00 a month JUST to pay for oil to heat your home! Think it can't happen?? Tell me it can't when gas hit's $4.00 a gallon again next summer!!! I can't wait to pay $100.00 to fill my truck again!!

It will also affect the grocery/home goods budget as well no doubt.

It's always sad to see a small business fold.

All the more reason to demand that we take care of ourselves in the supply and demand side of things.

Wishful thinking I guess since people seem to just shrug their shoulders and say that we'll never get things like manufacturing jobs back.
It's too bad that we let them go in the first place.

I hope the prepay customers have some sort of recourse.

This is yet another reason that I take my chances and put whatever amount I can, on whatever week I can, into a savings account for the dead of winter purchase of fuel. I guess I'm just not a particularly trusting soul.

[flycessna]

Originally Posted by Maineah

Thibeault Energy abruptly closed it's doors on Saturday without warning after 84 years in business.
A message to concerned customers was left on their answering machine stating they were very sorry but the closing was beyond their control.
There are many prepay customers, including many elderly, left wondering if they will ever get any of their pre paid oil balance returned or if they're just out the money on top of having to find another oil dealer in a hurry. A BIG concern where it's 10 below zero!
This is not a great way to go out for a company that has had a good loyal customer base for decades. Their customers deserved a bit of a warning.
Looks like I have to find a new propane supplier. I only used it for cooking and my clothes dryer so it isn't critical. I'd hate to be in my mid 70's on a fixed income, pre paid for the security of oil for the winter, and now having to chose between eating and heat.

It seems like every winter this happens.. I am almost inclined to believe these are premeditated and criminal acts..

When you prebuy oil the idea is the company is supposed to be buying that oi at the time you buy itl.. I understand oil companies have to leverage themselves but with regards to prebuy's this should be treated differently... at least IMO..

This is also why I stay away from these kinds of deals..

[Maineah]

Originally Posted by reloop

It will also affect the grocery/home goods budget as well no doubt.

It's always sad to see a small business fold.

All the more reason to demand that we take care of ourselves in the supply and demand side of things.

Wishful thinking I guess since people seem to just shrug their shoulders and say that we'll never get things like manufacturing jobs back.
It's too bad that we let them go in the first place.

I hope the prepay customers have some sort of recourse.

This is yet another reason that I take my chances and put whatever amount I can, on whatever week I can, into a savings account for the dead of winter purchase of fuel. I guess I'm just not a particularly trusting soul.

We should probably do this too but seem to always buy in to the pre buy thing every year. Not with Thibeault Energy thankfully we just bought propane from them.
We made out on it the year oil dropped from $3.69 a gallon down to $2.09.
We had $1700 accumulated in the account which earned interest at pretty much what a savings account at the bank pays. When we got our pre pay agreement for the next season we only had to pay $69.00 a month. Now we're back to $300 and next year will probably be $400 Oh Joy!
What we actually pay for is the ceiling cap. The price we pay can't exceed $2.99 a gallon no matter what the price goes to in theory. This is where oil companies have problems. The price rose so much more than they had anticipated this year that they find themselves selling oil at a loss.
This happened to an oil company in Yarmouth one winter. We received a letter from them begging us to pay an extra $100.00 per fillup or they would go belly up. They had pre-sold too much oil and the price rose too much during the winter. We didn't pay extra as we had heard their prospects for getting through the problem were not good and I suspect no one else did either because shortly after that they folded.

[cebdark]

Originally Posted by Maineah

We should probably do this too but seem to always buy in to the pre buy thing every year. Not with Thibeault Energy thankfully we just bought propane from them.
We made out on it the year oil dropped from $3.69 a gallon down to $2.09.
We had $1700 accumulated in the account which earned interest at pretty much what a savings account at the bank pays. When we got our pre pay agreement for the next season we only had to pay $69.00 a month. Now we're back to $300 and next year will probably be $400 Oh Joy!
What we actually pay for is the ceiling cap. The price we pay can't exceed $2.99 a gallon no matter what the price goes to in theory. This is where oil companies have problems. The price rose so much more than they had anticipated this year that they find themselves selling oil at a loss.
This happened to an oil company in Yarmouth one winter. We received a letter from them begging us to pay an extra $100.00 per fillup or they would go belly up. They had pre-sold too much oil and the price rose too much during the winter. We didn't pay extra as we had heard their prospects for getting through the problem were not good and I suspect no one else did either because shortly after that they folded.

Yep. I can see the temptation to prepay; however, the letter you received is a perfect example of bad planning. Well, maybe not so much 'planning,' as really, the market is so volitile now that one really can't plan ahead much of anything now, so that's why I try to tuck $ away when I can. Maybe that's flying by the seat of my pants, but so be it. In the 25 years that I've been buying oil, this strategy has only burnt me a couple of times - otherwise, it's paid for itself over and over again. It's kind of like gambling to me to purchase ahead of time, and as far as traditional gambling goes, I'm not too lucky (hence the reason I stay out of Hollywood Slots ).

That's also why it's not worth it to me to purchase ahead of time (although I do understand someone wanting to plan that far ahead for budgeting purposes if that works best for them).

[msina]

Is young Kennedy still in business to help low income people with fuel?

Citizen's energy will begin taking applications on 1-27-11. If you meet the income guidelines they will send you a coupon for 100 gallons of heating oil compliments of the people of Venezuela and Hugo Chavez.