Drop in Heating Oil Costs

As of September 2024, the U.S. residential heating oil price stands at $3.457 per gallon, a significant decrease from one year ago when it was $4.073 per gallon. The last time heating oil prices were lower than they are today was October 2021.  In November 2022, prices surged above $5 per gallon due to high demand and supply constraints​. 

​This year’s decline in heating oil prices is part of a broader trend influenced by reduced global oil demand and economic headwinds, particularly from China. If you're considering locking in prices, now may be a good opportunity given this downward trend.

​Source: investing.com / ycharts.com