NEW YORK (WCBS 880) – The outlook seems good for this winter’s home heating oil prices for Connecticut homeowners.
While the prices are up slightly from last spring, they are now averaging about 2.75 per gallon, experts say the price will likely stabilize.
WCBS 880’s Fran Schneidau with details
Gene Guilford, head of the Independent Connecticut Petroleum Association, tells WCBS 880 Reporter Fran Schneidau the stabilized prices are good news for homeowners.
“Heating oil inventories are higher today than they’ve been at any time in the last 27 years. We have an enormous amount of heating oil in inventory, so I think that portends a very good heating season for heating oil consumers,” said Guilford.
He says if it weren’t for the weakening dollars as a result of the federal reserve strategy, oil prices would actually be declining right now, but he sees no sharp increases over the winter.
Guilford predicts this mini-bubble in commodity pricing will burst since the rising prices has nothing to do with supply and demand of these products.