Heat your home with oil? Better score a deal before autumn — analyst
With oil exports from Iran falling, and the price of crude rising, certain heavily used petroleum products may be due for a big price rise before year's end.
Tom Kloza, analyst with The Oil Price Information Service, says the reduced exports on world markets will mean the overall available amount of crude will be down moving toward year's end. That means higher prices.
"We will probably see the worst of it in November and December in terms of crude oil prices," he said last week.
Kloza says that means we need to worry about rising prices for diesel fuel, jet fuel and, for New Jersey home owners, heating oil.
"Gasoline will be fine because we will be running refineries to make those other products. But I think that if you have a diesel truck, and if you fly, or if you have to use home heating oil, you are going to see a little bit of sticker shock when you get into the winter months."
He says heating oil customers should have already have been smartly locking in a per-gallon price with their dealer to avoid the spike in a month or so.
"I would probably say I would do it now."
Joe Cutter is the afternoon news anchor on New Jersey 101.5