Home heating oil 2011-2012 price

[jeff194]

I would like to know what you all think the heating oil prices will be in the north east, specifically Connecticut this season.
These are my options, and I am trying to figure whats the best move to make.

One is a fixed price of $3.49 a gallon with a monthly predetermined fixed payment.

Or $3.49 gal. with a cap price with a .20 cent upfront premium on gallons burned . Meaning I burned 1500 gallons last year so the way I understand it, I would have to pay the oil co. roughly $300. upfront to cap the price, but if it goes lower I would pay the lower price.

I can also prepay a specified number of gallons of oil at $3.39.

or pay as I go at the daily rate.

I am leaning toward an installment plan, with the fixed rate, but am wondering with the release of oil from the reserves, that may not be the best move. What do you all think?

 

[SrDriver]

Do you have any other alternative to burning oil for heat?

 

[The_Jeff]

Who insures the oil dealer? Are they self insured or do they get reinsurance from someone else?

#2 oil's gone up a bunch the last several winters over the summer price. Someone's going to want to make that money back. Like most other insurances, you're going to in the long haul pay for peace of mind.

I would cap over pre-buying. There have been people burned of thousands of dollars pre-buying.

 

[Al]

Kraap shoot..it depends on Greece in part..

 

[Rob_Roy]

Prices are going down at the moment, but any additional conflict in the Middle East or a slight upswing in consumption will send the prices back up. The recent release of oil from the strategic reserve might curb the spectators for a while, but watch the prices closely. Refining capacity is limited, and global demand won't "sleep" for long.

Pre-buy whatever you can at the lowest rate, and either chance the remainder or go with the installment plan. Have you done anything to try and reduce your consumption? 1500 gallons is a fair amount in CT, so I am assuming you live in a large and/or older home. Windows, caulking, and some improvements to the heating system can go a long way...please tell us about the home, layout, heating system, etc.

 

[Boomer]

If my math is correct, there are 39.85 kwh energy equivalent in every gallon of oil. While your price for electric makes it not feasable for a direct replacement, you might close down rooms and heat certain others with resistance heaters. Or better yet, put in a heat pump if you can afford it. Either way, you might save money. And don't forget that with an oil furnace, you have maintenance and replacement costs that are fairly high. At $200/ year maintenance and $200 year towards a new unit down the road, this effectively adds almost $0.25/gallon to your fuel costs. If those numbers are low, then the cost goes up. Elecric heaters can be low cost and maintenance free.

 

[jeff194]

It's a two family unit, and yes it is an older home. I have a fairly new peerless cast iron boiler with hot water baseboard heat. I can't really control what the renal unit does, but both units are zoned out with set back thermostats. Last year was colder here that usual, and consumption was higher. I normally burn around 1200 gallons. I have double pane insulated windows, with no storm windows.

 

[Rob_Roy]

What kind of square footage are we talking about? Does the boiler provide domestic hot water as well? Is the boiler properly sized for the load?

 

[The_Jeff]

You can control your rental unit. Get one of those round mercury thermostats and wire in in series with the tenant one. Then stick a locking cover on it. Usually you only have to give away 68'F heat. Then the tenants can turn it down below 68 but any higher and the locked stat will kick it off.

 

[greenaccord02]

How many gallons are we talking about here? I think I've asked this before, but in a totally average CT winter how many gallons might a fairly modern 2000sqft home use in order to maintain 72F?

 

[bepperb]

How big is your tank? I mean, why don't you get it full at 3.39 and then roll the dice that by the time you need a refill it will be Jan/Feb and priced lower?

 

[bluestream]

I would switch to Natural gas, its very cheap. I spent less than $1000 to heat my 3500 sq ft house(and hot water) last year.

I don't think I know anyone who uses oil to heat, since the 80's. Government has a program where they paid half the cost if you switched to Nat gas. Best thing they ever did IMO

 

[rjundi]

As customer of a place who got burned $1800 when I was really poor and unemployed at time for over a year watch it. I have recovered $100.

My only advice is only use a credit card to prepurchase and ask attorney general office if company is legit in handling.

I too live in a 100yr old 2800SF home but it has been well insulated and has new windows. I use 800 gallons to heat the home with oil and forced hot water through radiators at 67F. I use an additional 175 gallons since I added an indirect tank water tank for hot water.

In a heart beat I would convert to natural gas but I never see that coming in my area.

 

[Rob_Roy]

Originally Posted By: Bluestream
I would switch to Natural gas, its very cheap. I spent less than $1000 to heat my 3500 sq ft house(and hot water) last year.

I don't think I know anyone who uses oil to heat, since the 80's. Government has a program where they paid half the cost if you switched to Nat gas. Best thing they ever did IMO


You are assuming they have NG available. If it is, a conversion burner might be an option.

Oil heat is still the most common in my area. The homes aren't close enough together to justify an NG infrastructure, so it is oil, LP, or electric. A few of us crazies burn coal, and there are plenty of wood burners as well.

Originally Posted By: greenaccord02
How many gallons are we talking about here? I think I've asked this before, but in a totally average CT winter how many gallons might a fairly modern 2000sqft home use in order to maintain 72F?


In my experience, it is tough to define an "average" home. Just the amount of wind exposure can significantly change fuel consumption, not to mention the preferred temperature inside. Based on the people I have asked, 1000 gallons seems to be a rough average for a 2000 sq. ft home in my area.