Price Cap Insurance Paid Off for Customers
Last spring, at the beginning of the 2022-23 pricing contract season, we made the decision to require heating oil customers who wanted price protection to purchase CAP insurance.
This additional fee guaranteed you would never pay more than your cap price–but if oil markets dropped below your cap price, you would pay the lower price! This “downside protection” is not available with a standard fixed price plan, which locks you in at one set price that doesn’t go up or down during the year.
Why We Made this Decision
Casey Energy been in this business since 1949 and we thought we had seen it all. But the volatility of last year’s energy market was unprecedented. We knew there was a very good chance that heating oil prices would drop dramatically from their record highs—and that led us to the equally unprecedented CAP insurance requirement.
We’re happy to report that when heating oil prices skyrocketed to the highest level in recent memory, Casey Energy customers with CAP were not only protected from the worst of this, they also saved a lot of money when prices dropped nearly $2.50 per gallon! Without your CAP insurance, that wouldn’t have been possible.
At Casey Energy, we’ve been doing the right thing for our customers for almost 75 years. We appreciate your continued trust in us, and we look forward to serving our customers and our community with continued integrity and transparency.
All of us at Casey Energy wish you a happy and safe summer.