WEST HAVEN--Like clockwork, as soon as it gets cold outside, the home heating oil business fires up.
November appointments are often for furnace cleanings, but this November oil pricing is also stretching crews thin. Compared to one year ago, home heating oil prices in Connecticut have dropped by an average of $0.40 per gallon.
“The markets down pretty significantly in the last 60 days,” Ed Granfield, president of West Haven’s Oyster River Energy. “That's been a big help to homeowners, in particular especially people struggling with income issues.”
Among the factors for reduced prices: domestic oil production and consumer efficiency.
“Consumption levels are dropping, ergo you've got a bit of a glut in the market, which is helping drop prices down a bit,” says Granfield. “A combination of those two factors are probably critical to the whole process.”
One of the most important things consumers can do to save money is communicate with their oil dealers. “There are so many choices out there, as far as efficient new equipment and home insulation that things of that nature really need to be focused on in order to keep your consumption down,” suggests Granfield.
To see where the most affordable home heating oil prices are in the state, click on the following links.