NH Home Heating Costs Soar as Oil Prices Hit Record Highs

New Hampshire residents are facing higher home heating costs this winter, regardless of their fuel source. Heating oil, used by over one-third of homes in the state, has seen a significant price increase. Last year at this time, it was around $3.30 a gallon, but it rose to over $5 a gallon in March after Iran blocked the Straight of Hormuz, causing crude oil prices to surge.

The current statewide average for heating oil is $5.28 per gallon, with no indication that costs will decrease this winter. The nation's stockpile of distillate fuels, which includes heating oil, is below its five-year average, according to the federal Energy Information Agency.

Natural gas, the cheapest way to heat a home in New Hampshire, is also experiencing price increases. Liberty Utilities raised its natural gas rates by almost 50% last April, and Northern Utilities is seeking a 14% rate hike. Propane prices are slightly lower, but still above $4 per gallon.