The price of heating oil, a fuel most commonly used in New England to heat homes, has gone up by 65% since October 2021, according to the Energy Information Administration.
The average price for the oil was $5.46 per gallon in October 2022 compared to $3.30 in October 2021, due to refining constraints and low stockpiles of the fuel, according to a Nov. 17 notice posted by the EIA. Inventories of distillate fuel oil, which is refined to produce diesel and heating oil, are at their lowest levels since 2008, causing the Biden administration to propose forcing fuel vendors to maintain a minimum amount of fuel in their tanks in order to prevent severe shortages.
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