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What to do about heating oil as we approach winter

By EVAN WHITE

Story Created: Dec 16, 2009 at 2:11 PM EDT

Story Updated: Dec 16, 2009 at 6:24 PM EDT

UTICA,N.Y. (WKTV) - Oil prices are known to fluctuate greatly, as they did a year ago, but experts are saying they do not expect the same outcome this year.

Ed Welsh of AAA New York said prices are fairly stable. The price of crude oil which include heating oil has fallen to $72 dollars per barrel as of Wednesday, versus the $82 in October.

The average cost for heating oil in Central New York according to NYSERDA is $2.70 per gallon.

Welsh feels there is no need for those who haven't locked-in heating oil prices for the season, have no real need to.

The only problem they may face is if there is a major event that shifts the market such as Middle East conflict, or a natural disaster.

On Wednesday, the Federal government reported that crude oil reserves fell last week. As a result, oil prices rose from $71 dollars per barrel yesterday. The cold northeast temperatures have also reportedly played into oil's resurgence.

For more information on home heating including state and federal rebates please click the links below:

Heating Assistance Program

State Database for Renewable Efficiencies

Federal tax credits for energy efficiency