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How to Get Off the Oil Price Roller Coaster

Tuesday, August 16th, 2016

If we’ve learned anything in the first 16 years of the 21st century, it’s that expecting the unexpected is the best way to plan for the future.

If that sounds a little scary, let’s consider heating oil prices. Who would have guessed two years ago when prices were heading towards $4.00 a gallon that we’d now be looking at prices averaging just over $2.00? As a fuel oil dealer, we welcome the budget relief that low prices offer customers, but want to be sure we (and our customers) think a bit about some of the challenges that this extreme volatility can bring.

Source: Tradingeconomics.com

In Vermont, the good news is that fuel prices are currently averaging 19¢ a gallon below the same month of 2015. The bad news is that we’ve seen a steady price increase since March.

Source - Vermont Fuel Price Report, Vermont Department of Public Service

It’s easy to point to several factors that could affect heating fuel prices as we get closer to the cold winter weather:

  • Some weather experts are predicting the that end of the strongest El Nino in recorded history has started to make a transition into a La Nina-like state which could mean colder than average temperatures and more snow in the Northeast this winter. This is a welcome relief for those Vermonters that depend on the snow for recreation or livelihood, but a potential problem for those of us who will use more heating oil.
  • The presidential candidates have adopted different positions for and against climate change action that could eventually trickle down to affect gasoline and heating oil prices.
  • A recent New York Times article quotes OPEC sources who are speculating that a global output freeze could take place in September, when most members, plus non-members such as Russia, are expected to attend an International Energy Forum meeting in Algeria.

What can we do now to help protect our household budgets from future price increases? To use a sports metaphor, “our best defense is a good offense.”

  1. Do everything you can to improve your home’s energy efficiency and reduce the amount of heating fuel you use. Even simple things like adding insulation and regular heating system tune ups can make a big difference.
  2. Consider harnessing renewable energy sources to heat your home and provide your hot water. Rooftop or in-ground solar along with a cold-climate heat pump is a great choice that is becoming more and more popular.
  3. Sign up for price protection to lock in today’s low prices for the rest of the season. Combine this with a budget payment plan and you’ll eliminate those nasty mid-winter surprises when your oil usage spikes during a cold snap.

At the Energy Co-op, our goal is to help our members use less fossil fuel and save money. Don’t let the fuel price roller coaster leave you at the station. Call us today for a free home energy review or to schedule your pre-winter system tune up.

 

Better together

Friday, December 13th, 2013

Most of us in the northerly reaches of the country are always looking for ways to save money on our fuel and energy bills, especially during days like today (high of 16 degrees?). The Co-op has joined a partnership with Efficiency Vermont and fuel dealers statewide to help Vermonters do just that. Now, fuel dealers like the Energy Co-op and efficiency contractors will be working together in the Efficiency Excellence Network to save homeowners money on their fuel and energy bills.

Co-op members Herb and Barbara Kessel provided their home as a backdrop for the press conference earlier this month, highlighting the launch of the new Efficiency Excellence Network and we couldn’t be more proud.

The Kessels were able to reduce their oil consumption by at least 300 gallons per year, over the past two years. They also jumped on board the heat pump wagon purchasing four of the energy efficient heating and cooling systems strategically placed around their home. Combined with the air sealing done throughout the house, Herb and Barbara expect to see even larger savings by the time the final calculations are made after their next oil delivery in six or seven months.

Some folks have asked why fuel dealers would want this sort of arrangement as it would clearly result in less profit for their businesses. But we, and others, understand the value of our relationship with our customers and members. Our goal is to keep helping homeowners here in Vermont save money on their fuel bills and if that means our customers and members value our business that much more, it’ll be worth more than any additional short-term profit we might be losing.

We can help you make your home more efficient with a free home energy assessment. Give us a call (802-860-4090) if you’re ready to invest in energy savings like the Kessels!

For more on this new partnership, checkout Vermont Digger’s piece by John Herrick.

Energy Co-op Support for Fuel Assistance

Wednesday, September 18th, 2013

This year’s contract between the State of Vermont and fuel dealers has not yet been finalized.  Terms and pricing are still being negotiated.  Nonetheless, the Energy Co-op is committed to supplying heating oil and kerosene to all of it’s Fuel Assistance clients.  The Energy Co-op is also interested in hearing from Vermonters who receive fuel assistance and are looking for a new fuel dealer to deliver their heating oil or kerosene.  We can be reached at (802) 860-4090 or via email.

For many Vermonters on limited incomes, Fuel Assistance is vitally important.  It’s the difference between staying warm or freezing during our cold winters.  However, funds are limited and often fall short of meeting demand.  That’s why we created the Co-op Oil Bank, to provided fuel deliveries and heating equipment service for Co-op members who struggle, through no fault of their own, to keep their homes warm and their heating systems up and running.

For more information about Vermont’s fuel assistance program, visit the web site for The Department for Children and Families.

Member: Vermont Fuel Dealers Association, Vermont Businesses for Social Responsibility, Renewable Energy Vermont, Local First Vermont

© 2008–2017 Energy Co-op of Vermont, P.O. Box 111, Colchester VT 05446 | Tel: (802) 860-4090 - Toll Free: (866) 626-4328 - Fax: (802) 951-9157