Our low price isn't just a one-time deal!
As we turn into the second half of May some of no doubt have been keeping the heat on as our wet spring continues. After beginning May a little soft, the market for oil has jumped in recent weeks due to a series of international events ranging from Venezuela to the Persian Gulf. Our members would need to see another 10-20 cent boost in heating oil prices to hit the dreaded $3.00 per gallon level and we're not expecting them to go there. That said it's a crazy time and we're not commodity experts.
The Massachusetts state survey estimates the average household using heating oil has paid a maximum of $3.15 per gallon this season, while the price for Green Energy Consumer members in MA stayed under $3.00 per gallon for all but a week or so. We're looking at a running average close to $2.70 per gallon, which would be one of our best winters since 2008.
While our Rhode Island members savings overall are coming down in the 35 cents per gallon range, our running average is closer to $2.60 per gallon. We don't believe any Rhode Island member had to pay over $3.00 per gallon for any delivery.
The 40-year market curve for May suggests prices tend to ease up in May. For those of us who get their last delivery of the heating season in Spring, we hope so.
How do our prices compare?
Massachusetts' latest monthly price survey of full-service dealers, on Tuesday May 14, documented an average price per gallon of $3.14, with a high price of $4.70 and a low of $2.45. The average price for our members in Massachusetts that day was $2.72, for savings of 42 cents per gallon on average.
Rhode Island's latest weekly survey price, on Monday, April 23, was $2.98, with a high price of $3.92 and a low of $2.41. The average price for our members in Rhode Island that day was $2.65, for savings of 33 cents per gallon on average.
And in New Hampshire, the survey for Wednesday, April 3, was $2.97, while our COD there was $2.571, for a savings of almost 40 cents per gallon.