WASHINGTON - Homeowners that use heating oil or propane should be happy to see the warmer temperatures accompanying the arrival of spring, because those warm temperatures should also spell some relief for their pocketbooks.

The U.S. Department of Energy’s (DOE’s) Energy Information Administration (EIA) reported that the recent run-up of oil prices past the $100 per barrel mark also caused heating fuels to reach record prices. According to the report, the average heating oil price exceeded $3.85 per gallon in mid-March, setting a record high. In fact, that was the fifth consecutive week that heating oil prices set new record highs.

Meanwhile, propane prices dropped slightly from their record high set at the beginning of March, which exceeded $2.60 per gallon. As a result, “prices for the winter as a whole are likely to set a new nominal record,” according to the report.

Publication date: 03/31/2008