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What’s the magic number for oil prices?

magic-number

Did you know that crude oil prices reached a 13-year low this past January? Though prices have crept up again recently—especially in light of some oil-producing countries considering production limits—the U.S. Department of Energy still forecasts that crude oil will average about $50 per barrel in 2017. That’s about 50% lower than in 2014.

As you may know, heating oil, like diesel fuel and gasoline, is a “finished” product derived from crude oil. That’s why heating oil prices are so closely tied to the price of crude oil. (Note: propane prices usually follow crude oil prices also, but not always because there are different factors involved.)

There are various reasons for these manageable prices, including giant increases in U.S. production, a strong dollar, and a slow growth in global demand. As we begin another heating season, the price outlook remains very positive. But none of us knows for certain whether prices will rise or fall this winter.

To take away your worries, we offer a variety of programs. Our EZ Pay plan spreads out your fuel costs for as long as 12 months. You can add price protection to your EZ Pay plan too—you pay either a capped price or the market price on the day of your delivery—whichever price is lower. If you have a Casey Heating Oil Service Plan, we can spread out that cost for you as well.

These are just some of the ways we make it easy for you, no matter what happens with world oil prices. We look forward to helping you stay comfortable—and save money—this season.

Please contact us at any time and let us know how we can help.