Heating oil 65% more in March 2022 than year prior

Heating oil is used by approximately 5.3 million homes nationwide, the majority of which are in the northeast. In 2020, 85% of all heating oil used in the U.S. was sent to the Northeast Census Region to heat approximately 4.3 million households, according to the U.S. Energy Information Administration (EIA).

ALBANY, N.Y. (NEWS10)- Heating oil is used by approximately 5.3 million homes nationwide, the majority of which are in the northeast. In 2020, 85% of all heating oil used in the U.S. was sent to the Northeast Census Region to heat approximately 4.3 million households, according to the U.S. Energy Information Administration (EIA).

The top five states that use the most heating oil commercially are Connecticut, Maine, Massachusetts, Pennsylvania, and New York. New York also happens to be the number one consumer.

Outside of kerosene, homeowners who use heating oil can expect to pay more to heat their homes during the winter. The statewide average retail price of both kerosene and heating oil reached a record high at the beginning of March, $5.082 for a gallon of heating oil and $5.363 for a gallon of kerosene, according to the New York State Energy Research and Development Authority.

Shipley Energy, an oil supplier, said homes in Pennsylvania will use approximately five gallons of heating oil a day during the winter. At $5.082 a gallon, five gallons of oil would cost a homeowner $25.41 a day or $762.30 for 30 days.

On March 15, 2021, the price of heating oil was $3.00, according to records from EIA. For comparison, a home using five gallons of oil a day would cost the homeowner $15 a day or $450 for 30 days. That's $312 less than this year.

Winter usually lasts between four and five months. Using five gallons of heating oil a day for four months (120 days) at current prices would cost $3,049.20, for five months (150 days) it would cost $3,811.50. At 2021 prices it would cost $1,800 and $2,250 for four or five months of oil respectively.

New Yorkers are feeling the effects of higher home heating bills in addition to paying more at the gas pump. The Public Service Commission (PSC) has told all energy providers in the state including National Grid and NYSEG to focus on outreach that informs customers of rate increases, availability of payment plans, and government assistance programs.

“While neither the Commission nor the utilities can control supply prices, utilities can examine their hedging and billing reconciliation practices to reduce billing volatility and they can strengthen their communications to consumers to ensure they are aware of all of the State’s consumer protections and assistance programs that are available,” said PSC Chair Rory M. Christian.