Winter begins with higher oil, propane prices
A recent report from the Energy Information Administration (EIA) showed residential heating oil prices at the beginning of the 2018-2019 winter heating season were 23 percent higher than at the start of the last heating season, while propane prices were 4 percent higher.
During the winter months (October through March), EIA officials said they conduct weekly surveys of residential heating oil and propane prices for many states through the State Heating Oil and Propane Program (SHOPP).
Officials said the Short-Term Energy Outlook (STEO) examines whether residential heating oil and propane prices will remain higher throughout the winter, acknowledging energy bills are influenced by weather.
The most recent STEO forecast references because of factors such as higher crude oil prices and lower fuel inventories, average heating oil, and propane prices will be 18 percent higher and 1 percent higher than last winter, respectively.
SHOPP is a joint effort between EIA and state energy offices, which focuses on collecting state-level residential heating oil and propane price data in states where the residential use of heating oil and propane is common. The survey began in 1978 and has expanded in response to a growing need for timely price data during periods of supply disruption to heating oil and propane markets.
SHOPP data is used by state and federal governments, the media, policy makers, consumers, and analysts to monitor markets, as well as to facilitate emergency response to supply shortages of these heating fuels during the winter months.
