Fluctuations In Current Heating Oil Prices
Heating oil is distilled from crude oil, as are gasoline and vehicle diesel. As crude oil prices rise, the oil producer and refiners pass the increased heating oil prices on to the consumer. Heating oil is not a single chemical, but rather a mixture of petroleum distillates that condense between a certain temperature range. Although heating oil is composed of different petroleum hydrocarbons, these different oils burn with roughly the same characteristics. Heating oil can therefore be thought of as a single product.
The current heating oil price has risen greatly in the past year due to huge increases in crude oil costs. Consumers and businesses that rely on heating oil have seen disturbing increases in the current heating oil price. Heating oil consumers must purchase their oil in bulk, and store it in an aboveground or underground storage tank. The heating oil is delivered by a tanker truck. This is unlike natural gas, which can be piped directly to most buildings and is measured by a meter. As heating oil prices rise, these tanker truck deliveries can have a large negative impact on one's finances.
Heating oil is a non-renewable resource. The heating oil in the storage tank of a home or business is burned in a boiler. The resulting flame heats or boils water, forcing hot water or steam through the building's radiator system. The radiators distribute the heat to the living areas of the building. The cooled water and condensed steam return to the boiler to be heated again. The main cost of this operation is the current high price of heating oil.
There are some strategies for coping with the current high price of heating oil. If there is oil left in the storage tank at the end of winter, however, one cannot return the surplus to the oil company. Therefore households should order the minimum amount of oil possible, so that the tank is empty at the end of the cold season. Another strategy for coping with heating oil prices is to utilize supplemental heat sources such as space heaters, reducing heating oil consumption. There will be a cost for electricity when using space heaters, but it may be cheaper than the heating oil it replaced.
Those concerned about heating oil prices should consider upgrading to a more efficient heating system, such as a heat pump or natural gas heat. Both systems have large initial costs associated with them, but in the long run they may be cheaper than paying the current heating oil prices.
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Mayoor Patel is the writer for the website http://oil-prices.oil-universe.com/. Please visit for information on all things concerned with Current Heating Oil Prices
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