Commodities
Massachusetts Heating Oil Prices Skyrocket by Nearly 70% Amid Global Market Volatility
Massachusetts residents are facing a steep hike in heating oil prices, with costs jumping by nearly 70% to $5.98 per gallon.
The price surge is attributed to record-high crude oil, gasoline, and diesel prices, which are affecting the Northeast region most severely.
According to Mark Wolfe, executive director of the National Energy Assistance Directors Association, heating oil prices are rising due to the U.S. war in Iran and the Russia-Ukraine conflict.
The average household in Massachusetts is projected to spend $548 more on heating oil this year compared to last year, despite predictions of a warmer winter.