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Lock-In Oil Prices Skyrocket, Suggest Expensive Winter

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(credit: AP)

(credit: AP)

BOSTON (CBS) – The sun is out now, but the snow and bitter cold is coming soon, and with it, comes the need for heat.

If you fill up with home heating oil today, you’re paying a dollar more than a year ago.

Some people are already receiving offers to lock in their heating oil price for the winter, and those prices are causing concern.

WBZ-TV’s Karen Anderson reports

Mass Energy, a non-profit oil co-op for 15,000 households says it could be the most expensive winter ever. On average customers could be paying $1,000 more per year.

What should you do?

Mass Energy doesn’t advise locking in rates because of the price fluctuation.

One solution is to ask for a discount if you pay your bill within 10 days. Another is to try to cap your prices. If it goes above a certain cost the oil company eats the loss. This is a gamble, and is harder to find.

The best bet is to be more energy efficient and the savings can add up.

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