Home Heating Oil Prices Could Be Lowest In Decade, Analyst Says
BOSTON (CBS) -- Staying warm is expected to cost a lot less this winter for home heating oil customers.
Energy analyst Tom Kloza tells WBZ NewsRadio 1030 that because of a historic drop in the price of crude oil over the past year, this will be the cheapest winter for heating oil since 2004.
"Heating oil is going to be a bargain this year under any circumstances," Kloza said.
Just last year, the average price for heating oil was about $4.24 per gallon, Kloza said. The current average is $2.43, and customers should be able to find prices close to $2 if they shop around, he said.
"That's real money that people are going to be saving this year," Kloza said. "This is going to be a cheap winter by any means."
Crude oil prices continue to sink, and it's possible they may go even lower. Kloza said it could be wise to lock in heating oil prices now.
"They certainly might go lower," he said. "If you find something closer to $2 than to $2.50, then it's probably worth locking it in."
Natural gas prices are expected to be cheaper as well, Kloza said.
WBZ NewsRadio 1030's Joe Mathieu reports: