Heating oil a major purchase.

[moneysense]

Home heating oil is now at $80 a barrel and expected to keep rising over the coming weeks. And this is not a good thing for homeowners who are having trouble meeting their normal monthly bills, let alone having to pay higher prices in order to keep warm over the coming winter months.

Those in the know are expecting oil prices to reach $90 a barrel before the end of the year. And its hard to tell what the new year will bring price wise.

The other important factor in crude prices is the potential of sudden and significant disruption in supply. In Nigeria, rebels have promised renewed attacks on production facilities. Iran’s ethnic and religious violence are likely to challenge the security of the central government in that nation

Lots of reasons, it seems, for the prices to keep rising, and few to make them fall.

[dimetime]

Sad to say but I think there are going to be alot of people trying to find other ways of keeping warm this winter, especially if their homes are normally heated with fuel oil.

The prices are just getting out of hand. Personally I know of three people who used to use heating oil to heat their homes, though this year they have prepared themselves for winter by installing a wood/coal burner instead of using the heating oil,and keeping a couple of kerosene heaters as back up.