The price of home heating oil is expected to hit an all-time high this winter. That’s unwelcome news from Maine to Maryland, where millions of people rely on the fuel to stay warm. The spike could make life difficult for heating oil suppliers and their low-income customers.
When the price of crude oil jumps the price of home heating oil pretty much follows.
In the last 12 months, the price of crude has shot up 40%.
What’s causing the spike?
Aaron Brady, an analyst for IHS Cambridge Energy Research Associates, says its emerging markets like India and China.