Heating Oil Costs Surge 59% Across U.S., Burdening Households

The national average price of heating oil reached approximately $5.91 a gallon as of Nov. 9, reflecting an increase of roughly $2.19 compared to the previous year. In Maine, where half of the homes use heating oil, prices rose about 75% to roughly $5.83 per gallon. Officials note that this price surge is severely impacting residents who face financial constraints and high overall inflation, leaving some with empty tanks or relying on unsafe heating methods. The price spike is driven by a tight global market for refined fuels, low inventories, limited refining capacity, and supply shocks related to the Russia-Ukraine war and the Iran war. While the U.S. Energy Information Administration predicts that a warmer winter in the Northeast will reduce consumption, households heating with oil are still expected to spend significantly more this season compared to last year.