Price of heating oil in R.I. climbs | Rhode Island news | projo ...
The price of home heating oil in Rhode Island is at its highest point in more than two years and is expected to stay high for the foreseeable future because of increasing foreign demand for crude oil.
As of Jan. 4, the average price for a gallon of heating oil was $3.24, according to a survey of 47 customers conducted by the state Office of Energy Resources. The survey reported a wide range of prices, with the high at $3.74 and the low at $2.93.
The last time the energy office recorded an average price as high as the current level was Oct. 14, 2008, when it was $3.25 per gallon. That came at the tail-end of a yearlong period when the price hovered above $3 and, for one three-month stretch, crested above $4. Since then, the price has fluctuated but it has been steadily increasing since May.
The price is already higher now than the maximum projected for this winter, said Kenneth Payne, administrator of the state energy office.
“Often these things over the course of a...
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