Increasing Oil Prices Will Lead to Higher Heating Bills

posted by WGY News - 

Close up of man's and woman's hands holding banknotes, studio shot

If you use heating oil in your home, expect to pay more for the upcoming winter season.

A four-year high on world oil prices are contributing to starting the seasonal costs 20 percent higher than a year ago.

The average price was $3.06 a gallon as of October 1st, up $2.54 in the same week a year ago.

WGY Financial Analyst Ryan Bouchey of the Bouchey Financial Group says several factors have caused the increase, and his best advice is to be prepared if you use heating oil.

"We had oil drop sharply in the last couple years, and it has sort of stabilized, the client demand is a big factor here, certainty in the Middle East keeps prices up; work with your oil company, see if there is a way you can lock in prices up front and pay more of a steady rate."

Last winter, the price began at $2.55 a gallon in October, would spike at $3.03 in late January, but fell a few cents later in the season.

Photo: Getty Images

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