Winter heating oil prices in the U.S. 2005/06-2022/23
The average price of heating oil in the United States in the winter of 2022/23 is expected to reach 4.45 U.S. dollars per gallon. Energy prices are expected to see a significant increase this winter, following an energy supply shortage of fossil fuels such as natural gas and coal in Europe and Asia. The number of heating degree days, days the average temperature is below 18 degrees Celsius (65 degrees Fahrenheit), helps quantify the energy demand required to heat a building.
Generally, heating oil prices are collected during the heating season between October and March. In the U.S., the breakdown of residential heating oil prices shows that the greatest determining factor is the WTI crude oil price. This is followed by the costs associated with marketing, distributing, and delivering the product, as well as refining costs. Consumers can lower heating oil bills by considering when they purchase, reducing consumption, and through government assistance programs.
How is heating oil priced?
Heating oil is a liquid petroleum product that is, among other things, used in residential buildings as a fuel oil in furnaces or boilers. Chemically, most heating oils are similar to motor diesel fuels and are often sold interchangeably.Generally, heating oil prices are collected during the heating season between October and March. In the U.S., the breakdown of residential heating oil prices shows that the greatest determining factor is the WTI crude oil price. This is followed by the costs associated with marketing, distributing, and delivering the product, as well as refining costs. Consumers can lower heating oil bills by considering when they purchase, reducing consumption, and through government assistance programs.
