If you are buying heating oil, then you may notice that the prices can fluctuate significantly throughout the year. Many different factors can determine heating oil prices in Norwich, CT.
One of the primary factors determining heating oil prices in Norwich, CT, is the time of year. Many companies raise rates during the winter while providing lower prices during warmer months. You can make this trend work for you by buying your heating oil during the summer.
Changes in the price of crude oil also affect heating oil prices in Norwich, CT. Political events throughout the world, along with worldwide weather trends can significantly affect crude oil prices. Additionally, the news cycle can affect prices. For example, if the United States is in a war with Middle East countries or if there has been an accident at one of the large Gulf Coast refineries.
The competition in different markets can affect heating oil prices. For instance, Norwich, CT, homeowners may pay less than those living in isolation in Texas or Colorado because they have several choices of companies where to make purchases. Meanwhile, those in isolated spots or small towns may only have one company.
The amount of taxes on home heating oil can vary drastically across the United States. As of 2020, there is no tax on heating oil in CT, but that could change if lawmakers change their minds. Taxes ranging from 15 to 55 cents per gallon have been proposed in the past.
Contact Andersen Oil Co at andersenoilcompany.com.
