“Daily Updated Mining & Exploration News on Crude Oil Price”—Some New England residents who pre-bought heating oil or signed price cap contracts for the fuel in June or July are regretting that now.
Oil prices averaged more than $4.50 a gallon around the region in June and July, the traditional month for locking in supplies — and prices — for the following winter.
But since then, prices have dropped by more than 25 percent, making many of those contracts signed in June and July look like a bad deal.
Despite that, state officials say consumers are stuck and will be required to honor contracts. And oil dealers note that they respond to consumers demanding pre-buy and fixed-price deals by signing up for oil from their wholesalers at the then prevailing prices.
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