U.S. heating oil and propane prices higher than same time last year (2/2/2017)

Despite most of the country experiencing, on average, a relatively warm winter so far, higher crude oil prices have contributed to higher heating oil prices and strong export demand for propane has resulted in higher prices for that fuel as well. Last winter, unseasonably warm temperatures and falling crude oil prices combined to keep expenditures for winter heating fuels lower than historical averages. The latest EIA Short-Term Energy Outlook (STEO) projects U.S. average heating oil and propane expenditures to increase 36% and 23%, respectively, compared with last winter, but both are still projected to be lower than average expenditures over the past 10 winters. Heating oil expenditures are expected to be $475 (26%) lower than the average expenditures of the previous 10 winters, and propane $14 (0.7%) lower. ... More »