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Tips for Reducing Heating Oil Prices

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When snow and cold temperatures start appearing from October to March, the thermostat inevitably goes up. Roughly 5.7 million households in the United States use heating oil as their main space heating fuel, according to the U.S. Energy Information Administration. From year to year prices fluctuate along with your heating oil needs. Here are a few home heating oil tips to keep in mind, as well as what to do if you need to refill or empty the backyard oil tank.

Fluctuating Prices

It is tempting to wait until the start of the cold season before filling up the oil tank. Unfortunately, this is often the worst time to do so as prices tend to rise during the winter months due to the high demand. The average price for heating oil between 2005 – 2017 was $2.41 per gallon.

The oil price also depends on the current cost of crude oil. This is determined by the international supply and demand as well as any national weather events and/or international political events that are taking place. If the crude oil prices are stable, your heating oil prices should be as well, but if there is any instability, your home heating oil prices will reflect that.

Local market competition can also change heating oil prices. The more rural your home is, the higher the prices tend to be as there is less competition for heating oil companies. Take the time to shop around and try and find the best price for heating oil.

Refilling the Tank

It is vital to keep a close eye on your oil tank, especially when you know it is starting to get to be on the low side. If the levels drop below 1/8 of the tank, sediment and clog can quickly fill the lines and filter, leaving you with a hefty bill to pay to get them cleaned out. If you tend to be forgetful or just don't have time to keep an eye on it, there are companies that offer an automatic delivery system that users can sign up for. This monitors your usage and refills the tank when necessary, leaving you worry-free.

Lowering Costs

If you are having financial trouble keeping up with the amount of heating oil being used, there are a few tips that may help you reduce your usage. Try and have it filled in the late summer or early fall. This is when prices are lower as the demand is much lower. Also, look into heating oil companies that offer the best price due to their protection program as it can help keep your overall costs down.

Take preventative steps and adapt your home to better deal with the cold weather. Caulking and weather stripping windows and doors are an ideal way to keep the cold temperatures from sneakily seeping in. Make sure there is proper insulation in the attic and walls. While this may initially be a high cost, it will save you a large amount of money down the line.

Federal and State Assistance

For those that are struggling to pay the bills even though the thermostat is turned down, there are Federal and State energy assistance programs. Low Income Home Energy Assistance Program (LIHEAP) is a Federal Program that provides states with funding to assist low-income houses to pay for their heating. There is also state energy assistance and fuel fund programs which are there in case of winter emergency to those who qualify.

Removal of Oil

There may be situations where you are looking to have your home heating oil removed. This may be because there is leakage in the oil tank or perhaps you are moving and want the oil transferred to your new home. Simply call up your oil company and they will pump the oil from your tank into a container which can then be moved to a new container. They often also buy unwanted fuel back from you or can collect and safely dispose of any contaminated oil.