CT Heating Oil Prices Rise 10% in Past Month

CONNECTICUT - The price for a gallon of #2 home heating oil has risen to a statewide average of $3.32, exceeding the October 20, 2008 price of $3.28 per gallon.

Wholesale and retail prices for #2 Heating Oil averages prices have risen by approximately 10% in the past month, as winter temperature have dropped and seasonal pricing increases have come into play, (based on price data from the State of CT Office of Policy and Management / Heating Oil Monitoring Program).

Industry analysts note that there is an abundant supply of crude petroleum and comfortable stockpile levels, and that commodity investors may be doing more to drive up oil prices than any other factor.

While some market watchers believe that rising prices are an indicator that the economy is strengthening, they warn that high energy costs were one of the major factor in the recession which started in 2008 -- a factor which increased not only the price of heating fuels, but of all consumer goods and commodity items which are shipped via (diesel fueled) truck.