Massachusetts Heating Oil Hits $5.07, Highest in 5 Years as Winter Costs Jump 31.3%
Updated
Updated · WCVB Boston · Sep 14
Massachusetts Heating Oil Hits $5.07, Highest in 5 Years as Winter Costs Jump 31.3%
3 articles · Updated · WCVB Boston · Sep 14
Summary
$5.07 per gallon — Massachusetts' average home heating oil price as of Aug. 10 — is up from $3.49 a year earlier and marks its highest level in at least five years.
A 31.3% rise in heating-oil costs is expected this season, the biggest increase among major home fuels, while electricity is forecast up 9%, propane 8.7% and natural gas 8.6%.
Diesel at $6.0957 in Massachusetts is helping drive heating-oil prices higher, with inflation, the wars in Ukraine and Iran, and Houthi attacks on Saudi oil infrastructure adding pressure.
New England is set to absorb the sharpest hit because of longer winters, heavy reliance on heating oil and higher power prices; average Northeast heating bills are projected at $1,449 versus $1,030 nationally.