Monday, June 16, 2008
The coming home heating oil crisis
Posted by Tim Bousquet on Mon, Jun 16, 2008 at 11:32 AM
If you think the rising cost of gasoline has been difficult to deal with, just wait until you have to start buying home heating oil.
As this graph illustrates, 30-day futures for home heating oil are now trading at nearly twice the price of just a year ago. It's approaching $4 US/gallon, and that's before distribution costs and dealer profit.
Unless prices collapse in the next couple of months--- and I see no reason why they will--- this will be a real crisis come winter.
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