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Posted: 4:58 PM Jun 11, 2008
Heating Oil: To Buy or Not To Buy
The official start of summer is still more than a week away, but some people are preparing for the sting of winter.
Reporter: Sarah Rasmussen Email Address: sarah.rasmussen@weau.com |
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Rising fuel prices have home owners concerned with how their going to pay their heating bills, so some are making changes right now.
Blustery winds and falling snow may be far from your mind in the second week of June, But a certain, troublesome substance has some people digging up those familiar memories.
"I'm trying to keep it lower and put on more clothing,” says Leone Burger.
She has lived in her Chippewa Falls home for more than fifty years, and she says she's seen the cost of heating her home skyrocket.
"Up until the last few years it was fine, but it's run like $400 a month. And it gets too much when you don't have much of an income,” Burger says.
River Country Co-op Petroleum Manager Gary Gonyer says high fuel costs have his customers second guessing their fuel source.
"We got fuel oil accounts that are actually taking their furnaces out and going to either LP or natural depending on where they're at,” he says.
Gonyer says propane is the way to go.
Right now, for a gallon of heating oil, you're shelling out $4.29 a gallon.
But for propane, it's only $2.14 a gallon.
And he says no one knows where fuel oil prices could go before the snow starts flying.
"It scares me because the speculators are driving the market where it doesn't matter what the inventories are, it's all paper to them,” Gonyer says.
Gonyer says the decision to buy fuel oil now, is like rolling the dice.
"I'm not a gambling man, but I guess I would probably fill my tank. But again don't take my word on it. Things could happen through the summer. But no body knows, it's a guessing game. It really is,” he says
Gonyer says one thing that may drive fuel prices up is the hurricane season.
Reports he's seen suggest the storms could be more severe this season, causing more damage to oil refineries and in turn, your bank account.
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