US Heating Oil Jumps 59% to $5.91 a Gallon as Winter Bills Squeeze 4.1 Million Homes
Updated
Updated · CNBC · Nov 14
US Heating Oil Jumps 59% to $5.91 a Gallon as Winter Bills Squeeze 4.1 Million Homes
1 articles · Updated · CNBC · Nov 14
Summary
$5.91 a gallon — the U.S. average heating oil price on Nov. 9 — is up $2.19 from a year earlier, sharply raising winter costs for households that rely on delivered fuel.
Tight refined-fuel supplies, war-linked disruptions tied to Iran and Russia-Ukraine, low inventories and limited refining capacity have pushed prices higher, according to Kansas City Fed research cited in the report.
Maine shows the strain most clearly: prices there average $5.83 a gallon, up 75%, and about half of homes use heating oil; one aid agency logged 150 emergency-fuel voicemails in its first hour.
EIA forecasts the average heating-oil household will spend $2,115 from November through March, up 21% from last year, even as a warmer Northeast winter is expected to curb consumption somewhat.
Federal relief remains uncertain: Maine and tribal grantees received about $38 million in LIHEAP funds, the administration plans a 300,000-barrel reserve release, and lawmakers are seeking another $3 billion.