Heating oil price predictions 2024
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As the U.S. moves through winter, home heating oil prices continue to hover near record highs.
Is home heating oil going up or down
Colder than expected winter weather, a global oil supply crunch and continued pandemic supply chain issues are delivering sticker shock energy bills for homeowners across the U.S.
Home heating oil prices: winter trajectory
The current national average for residential heating oil prices stands at $3.985/gallon as of January 1, 2024, according to the U.S.
Energy Information Administration (EIA). After hitting a historical peak in early November 2022, the price has trended down but remains elevated. Here's the monthly trajectory since October 2023:
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| Date | U.S.
Heating Oil Price Avg. (USD/Gallon) |
|---|---|
| 12/25/23 | $3.996 |
| 12/18/23 | $3.978 |
| 12/11/23 | $4.022 |
| 12/04/23 | $4.129 |
| 11/06/23 | $4.226 |
| 10/02/23 | $4.387 |
Why are prices so high?
Home heating oil prices have more than doubled since a 2000s-era low of $2.06 in the winter of 2015/2016, according to Statista.
In early November 2022, the average national pr
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