AltEnToday

Reflecting the importance Americans place on watching energy prices, Yahoo Finance is already reporting that Northeastern Americans are expecting record high winter heating prices - and are bracing for the shock to come 6 months from now.

A couple of worthwhile details from the article:

• 7.7 million households heat their homes with heating oil, and 70% (5.4 million) of those homes are in the Northeastern part of the US (according to the EIA (Dept of Energy Energy Information Administration) that number may be more like 8.1 million households)
• Heating oil has topped over $4.50 per gallon, effectively doubling from this time last year - and looks poised to surge even higher before the winter months
• On average, a home in Maine consumes around 1,000 gallons of heating oil each winter

What is interesting are the remarks at the end of the article that point out that many efficiency upgrades to homes can become cost effective quickly, such as adding greater insulation and caulking window and door seals that might let cold air in during those months. Hopefully, Northeastern homeowners will take advantage of the knowledge of high energy prices now, and make the appropriate financial decisions (such as setting aside reserve cash for winter or investing in home improvements to increase effectiveness of their heating dollars).

Useful links & resources:

Energy Information Administration: Residential Heating Oil Prices

NYMEX Heating Oil Futures Prices

NYMEX Heating Oil Futures Information

American Petroleum Institute Tips for Reducing Heating Oil Expenses (PDF)