Heating oil customers are expected to spend a lot less to stay warm this winter, according to a recent report by CBS Boston.
Energy analyst Tom Kloza told 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 told the radio station.
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 will see prices much closer to $2.00 this year, according to the report. "That's real money that people are going to be saving this year," Kloza told WBZ. "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," the report states. Kloza said it could be wise to lock in heating oil prices now. "They certainly might go lower," the analyst said.
To read the CBS Boston article, click here.