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January 7, 2008
Cost of heating oil in R.I. hits new record high at $3.429
The cost of buying heating oil continued its upward spiral today with the average price rising to $3.429 a gallon in Rhode Island, another record.
The average price, which is based on a survey of local dealers by the State Office of Energy Resources, has risen 31 percent over the past 19 weeks.
The retail cost of a gallon of heating oil today is 54 percent higher than the retail cost of the equivalent amount of natural gas at the current rate charged by National Grid, the largest spread in at least six years.
The price of heating oil had been tracking closely to natural gas for several years but became more expensive in the 2004-2005 heating season by about 5 percent, according to calculations by The Journal. The following year, oil was about 6 percent more expensive, followed by 10 percent more expensive in the 2006-2007 heating season.
If the current price persists, it will cost $2,204 to heat a home this winter with 666 gallons of oil, compared to $1,485 for the same amount of energy using natural gas – a 48 percent increase.
The price of gasoline per gallon also went up today, 3 cents, to an average of $3.139 for unleaded.
Posted by Tim Barmann at 5:56 PM | Permalink
steve | January 7, 2008 9:04 PM link
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