About Home Heating Oil Philadelphia
Table of Contents
What is home heating oil?
Heating oil is a petroleum product refined from crude oil. At refineries, crude oil is processed into different kinds of fuel, including gasoline, heating oil, diesel fuel, jet fuel, kerosene, and lubricating oil. Many Americans, especially in the Northeast, use heating oil for space heating and water heating. About 20% of households in the Northeast Census region use heating oil as their main space heating fuel, and they represent about 80% of the U.S. households that use heating oil for space heating.
The number of houses with heating systems that use heating oil is declining because homeowners are increasingly converting to other types of heating systems. Most new homes use natural gas or electricity for heating.
What color is home heating oil?
The Internal Revenue Service (IRS) requires heating oil and other distillate fuel oils that are not for highway use to be colored with a red dye. The red color identifies the heating oil Philadelphia fuel as exempt from the federal, state, and local taxes applied to fuels sold for use on public roadways and as illegal for use in vehicles that normally operate on roadways.
Home heating oil prices?
The U.S. Energy Information Administration (EIA) publishes projections for residential heating oil prices and average household heating fuel consumption and expenditures for the winter in the October through March editions of the Short-Term Energy Outlook (STEO).
According to the report, “Most U.S. households can expect higher heating expenditures this winter (October through March) than the last two winters according to EIA's Winter Fuels Outlook. Higher expected winter heating expenditures are the result of both more heating demand because of relatively colder weather and, to a lesser extent, higher fuel prices.” https://www.eia.gov/todayinenergy/detail.php?id=33272
These are national and regional level projections and are based on the National Oceanic and Atmospheric Administration’s most recent temperature forecast.
Why is home heating oil so expensive?
Home heating oil prices are largely dependent upon the price of crude oil. It’s a simple matter of supply and demand. Prices tend to rise during winter months when demand is at its highest for residential heating oil. For instance, most heating oil companies in Philadelphia are but victims of the fluctuating prices of crude oil worldwide. Weather and political events in other countries can affect supply. OPEC oil production can also drive crude oil cost up. There are many factors that can affect the home heating oil prices Philadelphia, Pa as one can see. Areas that have a number of competing companies however will see lower costs than say some rural areas that may only have one supplier.
When is home heating oil cheapest?
The late summer and early fall is when heating prices are lowest and is an opportune time for homeowners to fill their oil tanks to get some savings. Some companies may even offer a type of budget plan and charge a monthly average of your annual heating costs. Some have programs that offer a fixed price to help homeowners keep costs affordable.
Help with home heating oil
Energy assistance programs at the federal and state level are available to consumers of home heating oil. Those with limited budgets can apply to programs such as Low Income Home Energy Assistance Program, also known as LIHEAP. A federally funded state program to help low income consumers pay heating costs. During winter emergencies other state energy assistance programs to help consumers may be available as well.
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