Energy Prices
Factors That Affect Heating Oil Prices in Wisconsin
One of the most common questions we’re asked by Wisconsin real estate agents is “What do we tell our clients who ask us about energy prices?” It’s a complicated question that can’t easily be summed up in a sound bite or two. But here is some key information that you can use when your clients ask you the tough questions about energy prices.
First, it’s notable that on the whole, the price of oil remained fairly stable over a seven-year period following a big drop in 2014. But there have been a lot of changes recently that have upended the markets, with leading disrupters being the COVID-19 pandemic, rising crude oil prices, increased demand, and a compromised supply chain that have caused a shortage of products across the board.
The Price of Crude Oil
The price of crude oil is the most important factor in the pricing of heating oil. Like gasoline, diesel, and jet fuel, heating oil is one of the many products refined from crude oil. The problem here is that crude oil is a globally traded commodity, which means that it is subject to many forces that drive its value up or down.
These forces can include:
- Destructive hurricanes or winter storms that temporarily shut down major refineries
- International crises that can affect crude-oil production
- Supply and demand
If you would like to view a long-term history of wholesale heating-oil prices in Wisconsin, please go here.
To see the U.S. Department of Energy’s outlook for crude-oil prices, please go here.
How Wisconsin Heating-Oil Companies Help
Wisconsin heating-oil companies have perfected many ways to help consumers cut heating costs dramatically while increasing home comfort.
During the long heating season in Wisconsin, heating-oil companies strive to maintain an ample supply of fuel to make sure their customers stay warm and safe.
Local heating-oil companies may be able to make life easier with automatic deliveries of fuel so their customers don’t have to worry about calling for deliveries or running out of fuel when they need it the most.
To take away any worries about the normal ebb and flow of oil prices, some companies offer programs designed to save customers money and keep heating bills manageable—no matter what happens with world oil prices or heating-oil prices in Wisconsin.
If you would like to view a long-term history of wholesale heating-oil prices in Wisconsin, please go here.
To see the U.S. Department of Energy’s outlook for crude-oil prices, please go here.
