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Home Heating Oil Prices Jump

A new report projects winter household heating oil will be at an all-time high.The cost of all major heating sources is up this season, with the exception of electricity.

Heating oil has seen the biggest increase, 33 cents more than this time last year.

The U.S. Energy Information Administration says on average, a gallon will now run about $3.71.

EIA’s Howard Gruenspecht says world oil prices have been jumping around.

“We all know there have been some issues in Libya and other places. And in that environment with relatively high crude oil prices and strong global demand, prices are expected to be higher than they have in any other winter.”

Nearly 7 million households nationwide heat their homes with oil, with 80% of the homes concentrated in the northeast.

EIA predicts it home heating oil will cost about twice as much as natural gas this winter.