Price of home heating spikes in Conn.
HARTFORD, Conn. (WFSB) - The price of diesel is spiking in Connecticut, impacting home heating bills.
Experts say the price to heat your home just keeps going up.
“In the last five trading sessions, we went up over $1.40 a gallon. We’ve never seen swings like these before. Before, prices wouldn’t even spike that high over a year. Now, it spiked in a week,” says Kate Childs of Tuxis Ohr’s Fuel and Oil Delivery Company.
Tuxis is a family-owned fuel and oil delivery company from Meriden. They’ve been in business for over forty years.
“Home heating oil is directly tied to diesel fuel, so if you go to the gas station, the gas prices have sort of steadied, but the price of diesel is still climbing,” says Childs.
This means home heating oil is also climbing in price.
“Diesel fuel has a little bit more of a global demand for it. The refineries and the big companies that make the diesel fuel here in the US are shipping it overseas, so the home heating oil price is being dragged up with the price of diesel fuel,” Childs says.
Childs says prices could level out by next winter. It’ll still be up from last winter, but it’ll be cheaper than it is now.
“Right now, the price is spiked. What we’re seeing is the prices we could potentially secure for next winter are significantly cheaper,” says Childs.
Childs says Tuxis and other fuel companies should be coming out with next season’s price program soon or look to see if your supplier has a budget plan so you pay monthly, and don’t get hit with a large bill.
“I would say in the next month or so we would have a price for next winter that customers can lock in or do a cap program on, where you lock in your price, you’ll never pay higher than x number of dollars and if the market falls, you fall with it,” says Childs.
Childs recommends setting up a payment plan to pay off your home heating bill.
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