Expert: Debt Ceiling Crisis, Hurricane Season Could Send Home Heating Oil Prices Skyward
HARTFORD, Conn. (CBSNewYork) – As winter approaches, home heating oil prices in Connecticut have remained steady. But experts warn that the market may be volatile.
As WCBS 880 Connecticut Bureau Chief Fran Schneidau reported, there have been no storms or other events to interrupt the production and supply of oil.
But the good fortune could change with the path of one hurricane or a certain path in Congress, according to an expert.
“The big one is going to be the debt crisis. If the debt crisis goes wrong, investors will run to commodities and prop up the price and we could see prices really take off,” Chris Herb of the Connecticut Energy Marketers Association told Schneidau. “The American public should be very attuned to what Congress is doing because it’s not only going to have an impact on furloughs because of government shutdowns, it will also have an impact on how much it costs to heat your home this coming winter, how much it costs to drive your vehicle.”
The nation will lose its ability to borrow as of Oct. 17 if Congress fails to raise the debt ceiling before then.
The average home heating oil prices in Conn. hover at the $3.60 per gallon mark, Schneidau reported.
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