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What’s with High Oil Prices Lately?

Residents of New Jersey are most likely feeling the pressure of high oil prices lately. Woolley hates to see these high oil prices, too. Fortunately, there’s some good news – heating costs may be high right now, but historically, spikes in price like this are always followed eventually by drops in the cost of oil. While prices have stayed steadily high since March, we hope they decrease soon.

Why Are Oil Prices So High Right Now?

The costs of heating oil have skyrocketed this year, causing prices to spike to the highest they’ve been in years. However, oil is not the only commodity that has experienced an increase in price. Due to inflation, prices are higher for almost everything, including most energy sources like gas, groceries, and other essentials. Heating oil prices are high due to global unrest, especially in the East, supply and demand imbalances, and the ongoing pandemic. The result has been a disproportionately high spike in oil costs in recent months. Families throughout the United States feel the strain of these high prices.

One reason the cost of oil is so high is Americans’ return to normal travel. During COVID-19, oil prices hit lows because no one was traveling as a result of pandemic restrictions. However, consumers who missed out on traveling and other activities during 2020 – 2021 are now making up for lost time, yet oil production takes much longer to restart than oil consumption. This supply and demand imbalance is resulting in higher prices across the board for oil in every facet.

In the Meantime

Don’t hesitate to get in touch with us here if you’re struggling with your finances. We are always here to help. In the meantime, we want to share some opportunities you can take to help manage your fuel costs. To have more control over your fuel bills, you can:

  • Join our Smart Pay Plan to spread your fuel costs more evenly throughout the year and lock in a low rate
  • Consider a programmable thermostat to save on fuel use
  • Get an HVAC tune-up to further reduce your fuel use

Please get in touch with us to learn more about our budgeting options. We’re always here to help!

The Foreseeable Future

Analysts believe oil and gasoline prices will remain volatile for the foreseeable future, as inconvenient and discouraging as that sounds. However, many residents are thankful heating season, the season you’ll need to buy oil in bulk, is months away, and we have time to wait for prices to fall again before temperatures drop. We all hope inflation will also fall, and prices for everything else will return to normal soon enough.

At Woolley, we’re right here with you in hoping oil prices drop soon. Having been in business for years, we’ve successfully navigated our fair share of highs and lows of oil price fluctuations. If you need anything from us during this difficult time, don’t hesitate to reach out. Our priority is to help make you as comfortable as possible as we navigate this situation together.

 

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"While a number of fleets in New Jersey, including the Department of Transportation, have used biodiesel blends for many years, this pump opening marks the first time biodiesel will be sold directly to consumers in the state. We commend Woolley...

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