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What Influences Heating Oil Prices?

Understanding the Heating Oil Market & Price Fluctuations

heating oil costs Brooklyn, ny Heating oil, gasoline, jet fuel, and the many other products derived from crude oil are beholden to its price spikes on the global market. That’s because crude oil is a globally traded commodity which means that it is subject to many forces that drive its value up or down. Read on to see how Rucci oil can help you cope with price fluctuations, and that we’re all in this together.

Spikes in fuel prices are problematic for all of us, but with Rucci’s Automatic Delivery service, you don’t have to worry about fuel run-outs and delays. Read on to learn more about heating oil price fluctuations. Please reach out to us with any questions, so we can help you navigate the market.

No Easy Fix to Heating Oil Supply Shortages

Pundits and politicians in the U.S. like to offer a simplified and misinformed solution to supply shortages, claiming that drilling more oil domestically will solve the problem. But that’s ignoring the predictions put forth by experienced investors, who realize that a zero-carbon emissions world is not too far off in our future. Big money is holding back on fossil fuel investments as legislators try to move the country toward more renewable energy.

Market Volatility

Another factor influencing oil companies in this extremely volatile energy market is the memory of the shocking drop in crude oil prices towards the start of the pandemic. In spring of 2020, crude oil prices fell all the way to negative $30 per barrel! Traders had to pay buyers to take oil! Since then, however, prices steadily rose before they exploded after the Russian invasion of Ukraine in 2022, causing crude oil prices to soar to over $100 per barrel for the first time in nearly a decade. This on top of already existing price spikes caused by supply shortages and inflation raised prices for heating oil customers during that time. Fortunately, prices have stabilized quite a bit since then.

Operating Costs

When gasoline prices go up, heating oil suppliers must pay more both to get heating oil supplies delivered to them, and to operate the trucks that deliver fuel to residential heating oil tanks. But, the good news is that Rucci’s solid relationships with reliable fuel suppliers means we always have a winter-ready inventory of heating oil at secure fuel storage facilities.

Rucci Looks Out for Your Family

Rucci customers know that value isn’t just about low prices. Real value comes from dependability, quality, convenience and personal service. We deliver value by offering our customers the highest-quality fuels—always backed up by great, responsive service. We also offer pricing and payment options through our EZ Pay and Price Protection plans to help manage your heating oil costs. Our loyal home heating oil customers in Staten Island, Brooklyn, Manhattan, and New Jersey depend on us—and stay with us—because of our professional, courteous service and our expertise with all types of oil heating equipment.

You can trust Rucci to look out for you when you become a customer. For nearly 100 years, Rucci has been engaged in the business of keeping our customers warm in the winter, cool in the summer, and safe and comfortable all year long. Thanks to our loyal customers, we plan to be doing so for many more years to come.