Massachusetts Heating Oil Prices Soar 70% Amid Global Energy Market Turmoil
Massachusetts residents are facing a surge in heating oil prices, which have risen by nearly 70% compared to last year. The current price is $5.98 per gallon, marking the highest since October 2021. According to Mark Wolfe, executive director of the National Energy Assistance Directors Association, this is primarily due to high crude oil, gasoline, and diesel costs.
The Northeast region is being particularly affected by these rising prices, with households projected to spend an average of $548 more on heating oil this year compared to last year. This increase is attributed to the U.S. war in Iran and the Russia-Ukraine conflict, which have disrupted global energy markets.
Wolfe estimates that it could take months after the wars have ended for prices to stabilize, as the extent of damage done to refineries and other infrastructure is not yet fully known. For now, he warns that there's 'no end in sight' to these high prices.