U.S. residential heating oil prices averaged 16% lower than last winter but ended higher

According to the U.S. Energy Information Administration’s (EIA) Heating Oil and Propane Update (HOPU), the price of residential heating oil averaged $2.86/gal in the United States as of March 29, which is 44 cents/gal higher than at the same time last year. U.S. average residential heating oil prices increased by more than 73 cents per gallon (gal), or 35%, during the 2020–2021 heating season (October 1–March 31). On average, prices were almost 15% lower than last season. Although the increase in residential heating oil prices during the season was the largest on a percentage basis since the 2007–2008 season, prices were almost 15% lower than last season on average. The recent increase in prices is primarily a result of higher crude oil prices and lower distillate inventory levels.
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