Our low price isn't just a one-time deal!
As we head into November, the difference between our average member price and the average retail price for non-members, according to state-published surveys of full-service dealers, is often at its lowest point for the entire year. It's from this point through the middle of February where our savings have historically grown just about every year we've been around, which is over 35 years. Expectations going ahead don't point to continued market strength although there may be spot inventory weakness in the middle of winter that could cause a jump in prices for a week or two. Otherwise, prices have remained fairly steady as the usual give and take in commodity futures markets hasn't been as pronounced as usual. Our prices are down from last year and it would appear they're going to stay that way.
How do our prices compare?
Massachusetts' latest monthly price survey of full-service dealers, on Tuesday, November 5th documented an average price per gallon of $2.90, with a high price of $4.60 and a low of $2.35. The average prompt-pay price for our members in Massachusetts that day was $2.64, for savings of 26 cents per gallon on average. The current savings are the lowest we've seen in over a year. At this time of year dealers often keep their margins tight to either attract new customers or to prevent current ones from leaving for better offers. When you check a year or two of price changes on our price graph, you'll see that the difference begins to increase as the weather gets colder, often peaking in later January when you use the most heating oil.
Rhode Island's latest weekly survey price, on Monday, November 4, was $2.69. The average prompt-pay price for our members in Rhode Island that day was $2.55, for savings of 14 cents per gallon. After last week when our price was closer to the survey than ever before, we're now close to the low end of our historic 15-30 cent savings promise. That said, the Rhode Island survey website was down for much of the summer and when it was reinstituted it mysteriously dropped 20 cents at a time when the wholesale market had gone up. We're thinking they're missing a couple of their higher-priced dealers when they do their survey. Yet we're still delivering savings.
And in New Hampshire, the survey for Tuesday, November 5, was $2.77, while our average prompt-pay price there was $2.57, for a savings of 20 cents per gallon.