Update on Today’s Energy Prices

Tips to Save Money on Heat This Winter

Entering 2022, energy prices were already high due to lingering supply issues and market speculation. But prices rose in anticipation of potential sanctions on the Russian energy sector in the event of an invasion of Ukraine. Then the war started and prices surged again. This affected prices in all energy sectors and beyond. At the same time, pent-up demand post-COVID pushed prices even higher.

There’s some reason to be hopeful. Just as constrained supply and increased demand caused upward movement in prices, the reverse will be true. It’s just a question of when prices will come down. And history is on the side of lower energy prices.

Some people mistakenly think that local fuel companies make more money when energy prices are high. The opposite is true. It’s like when the price of milk or coffee goes up. Your local grocery doesn’t make a higher profit. And no one will be happier to see falling prices than your local heating oil provider.

If you have questions or concerns, we recommend getting in touch with your heating oil provider now. They may be able to work out a solution with you and help you to navigate this winter a little bit easier.

Tips to Conserve Energy and Save Money

While your heating oil supplier cannot control what happens with prices on the global market, here are some steps you can take to improve your home’s energy efficiency and save money on heating your home next winter.

• If you have a warm-air furnace, check your air filter regularly, cleaning or changing it when needed. Clogged filters lower furnace efficiency by making it overwork to keep you warm; that means higher heating bills.
• Apply caulk to close off any air leaks around exterior doors and windows. Replace any worn-out door weatherstripping.
• Keep curtains and shades open in sun-exposed rooms to absorb all that free heat and energy during the day, then close them at night to keep the heat in at night.
• When used correctly, a smart programmable thermostat will pay for itself in just a short time with the energy savings you can achieve. If you choose a smart Wi-Fi thermostat, you can control your home’s temperature from your smartphone, no matter your location. In the winter, the recommended thermostat setting is 68°F when you’re at home. Dial it down toward the 60°F range when you’re asleep or out of the house. Don’t go too low or you risk frozen pipes.

Read advice about using programmable thermostats from the U.S. Department of Energy.