Massachusetts Heating Oil Prices Soar to Highest Level in Five Years
Massachusetts residents are bracing for higher heating costs this winter, with average home heating oil prices hitting their highest point in at least five years. According to a recent survey by the Massachusetts Department of Energy Resources, the average price of home heating oil is $5.98 per gallon, up $0.62 from August 24th. This increase is part of a larger trend in energy price hikes nationwide.
The National Energy Assistance Directors Association predicts that customers who use heating oil will face the biggest increase, with prices rising by 31.3%. Electricity and natural gas costs are also expected to rise, by 9% and 8.6%, respectively. Propane prices ticked upward $0.02 from the previous survey to $3.59.
The higher prices will disproportionately affect residents in New England, which has longer winters and relies heavily on heating oil. The region also tends to have higher electricity prices. On average, U.S. households are expected to spend $1,030 on heating from mid-November through mid-March, an increase of $82 from last winter.