City of Waterbury to save taxpayers $750k with new oil deal

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

WATERBURY–The city of Waterbury is trying to save its residents some money on oil.

Oil prices have recently dropped, and the city jumped on the opportunity to lock in fuel prices of less than $2 per gallon for gas and diesel for the 2016-2017 fiscal year.

Mayor Neil O’Leary said this will save Waterbury taxpayers $744,200.

“We are always looking for new ways to save money for our taxpayers,” O’Leary said.

The city purchased 630,000 gallons of diesel and 230,000 gallons of gasoline through a deal with the Dime Oil Company of Waterbury. The gasoline will be used by official city vehicles.

While the town’s purchasing director, finance director and senior mayor advisor realize that oil prices could fall more, they agreed it was best to lock in the price now just in case. The town’s purchasing director, Rocco Orso, said that they did that because “current oil prices could double by July 1, 2016.”

“We decided to limit our downside risk and take the savings we had in hand,” said senior mayor advisor Kevin DelGobbo.