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Rising oil prices? Could be a wild ride

March 2nd, 2026 at 01:24 pm

My heating oil tank is about one-quarter full. I had planned to see if I could squeak through March with what's left, but that might be a stretch. Given Rump's invasion of Iran, I decided to schedule an oil delivery as a hedge against rising prices, so that delivery is set for Thursday. I checked my favorite (cheapest) suppliers and both prices have risen. I bought at $3.59 a gallon, which is pretty high, historically, though it was higher for the last 10 days of January.

With the exception of 2022, I have never paid such a high price in a given year. In 2022, I paid an average $3.72 a gallon and made 2 oil purchases totalling 260 gallons. My average for this heating season may be somewhat less than the $3.59 I'm paying today if I wind up making a 2nd oil purchase sometime in early winter.  

So I'm locked in at today's price of $3.59, regardless of delivery date, though if the price drops by the delivery date (unlikely this time around), I'll get the lower price.

3 Responses to “Rising oil prices? Could be a wild ride”

  1. Tabs Says:
    1772477871

    Yeah, not surprisingly, crude oil prices spiked a bit today as a result of that news.

  2. Nirmalya Says:
    1772515630

    Yes, crude oil prices are increasing drastically.

  3. Dido Says:
    1773016497

    I'm glad you were able to lock in at a rate that is probably now lower than the current one! I agree it's likely to be a wild ride.

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