Heating Oil Prices. Did you lock in?

[DawnCt1]

Many people locked in or prepaid their home heating oil at the height of the summer gas prices. I saw the price and said, "nope, I am taking my chances with the market". Sometimes you win, sometimes you lose. A couple of my neighbors locked in because they couldn't stand the "unknown". Apparently a lot of people in Ct. locked in too and there have been a lot of calls to the AG's office with regard to refunds and how to get their money back. The Attorney General has been very tough on companies that sell futures at the lower prices and fail to deliver. Should the companies be penalized when customers buy futures at the higher price? The companies had to pay up front for that oil. I feel for both sides. Did you lock in?

 

[chris1gill]

We did lock in at 2.49/gal, but we paid a 55.00 surcharge in the event oil prices went lower, we would in fact pay the lower price.... That 55.00 was well spent I'd say!

 

[AKLRULZ]

We have gas heat and haven't had to turn it on yet.

 

[AllyandJack]

I did lock in a price, I capped my price. So, if the price is lower than my cap, I pay that. If it goes higher, I just pay the cap price.

ETA: I use propane, not heating oil.

 

[Bob Slydell]

We're natural gas heat here

 

[DawnCt1]

We did lock in at 2.49/gal, but we paid a 55.00 surcharge in the event oil prices went lower, we would in fact pay the lower price.... That 55.00 was well spent I'd say!

That's a good deal. We didn't have a big choice of options. No cap, no surcharge. Lock in or not.

 

[Zippa D Doodah]

I did not lock in. The oil company owes me 230 gallons (long story) so I like having that cushion as we head into winter. Supposed to get down into the '40's tonight, so it may be the first time we'll be tempted to turn on the heat.

 

[castleview]

Taking my chances. Just filled up at 2.67/gallon. I can't cap either. The price would stay the same until next September and if I cancelled to go to another company, I would have a $300 exit fee. Thank goodness for my Fireplace Xtrordinaire. Keep chopping that wood dear husband.

 

[Mamu]

I did not lock in, it was going to cost $100 dollars to lock in at $2.79 a gallon. Ridiculous! $259 a gallon if I paid up front 700 gallons at $259 a gallon. Even more ridiculous.

I decided to take my chances. I'll be filling my tank up just before elections in November. Right along I felt the price had to fall this be a election year. Guess I was right for once.

I'm just hoping prices stay low this winter.

They keep saying it supply and demand, supply and demand, somehow I don't believe a word they say.

 

[LoveBWVVBR]

My parents tried to lock in during the summer and their oil company wouldn't allow them to. I guess that they made out after all, though, since prices have come down since.

 

[shamrock30]

We decided to take our chances, but it's funny you mentioned CT because my mother lives there and she did lock in. She had to pay the entire heating season up front, and because she lives in a drafty old house, it cost her almost $4000!

 

[EthansMom]

I pre-bought at $2.59 per gallon (in CT) in July.

I'm not sure what the current market price is, but I'm not terribly unhappy at $2.59. We only used 688 gallons of oil for the whole last year, so the price would have to drop dramatically to make a huge difference.

 

[Wish Upon A Star]

I locked in to a cap of $2.649/gallon. But if oil is cheaper than that, I pay the cheaper price.

We haven't used our heat yet, but we had an oil delivery already and our price was $2.399/gallon . . .

Hoping it keeps going down . . .

 

[N.Bailey]

We're taking our chances. I figured, how much higher can it go? Don't answer that anyone, it was rhetorical! I just felt it had to come down. We actually have oil and electric, so if oil is that much, we'll use mainly electric; which is outrageously high in our area, though oil could actually be more outrageous in the near future.

 

[jody]

Up until now we have heated with LP gas and we have prepaid to lock in a price for the past couple of years. This fall, we installed a wood burning boiler. The wood is burned in a boiler outside of the house and hot water is pumped underground to the house for heat. We have 10 acres and will be able to supply our own wood. We turned it on for the first time this week and it works great. We will also heat our hot water this way.

 

[minnieandme]

Makes me so glad my house is total electric.

 

[Ginamarie]

We havent locked in. I found a great price for oil by purchasing it through my BJs membership. It's only $2.00 a gallon as of the last time I checked (earlier this week). You have to order at least 150 gallons though. Of course my tank is still rather full right now.