Cost of Home Heating Oil Continues to Rise

The average price of oil is at approximately 5 dollars, a 75% increase from last year's price of $2.87

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The cost of home heating oil continues to rise, and groups that were once able to help cover the bill can't help now either.

John Drew, the president of Action for Boston Community Development (ABCD), says his organization's fund to help pay the home heating oil costs for those in need is empty.

"275 gallons [multiplied by] six bucks is a lot of money," said Drew. "People don't have it, and we don't have it for them right now..."

Much of the blame for the rising costs of energy can be directed at the conflict between Russia and Ukraine, which caused rippling effects across the world.

"The Ukraine crisis turned the energy markets upside-down," said Michael Ferrante, a member of the MA Energy Marketers Association. The situation is at a point where even oil dealers don't know what their prices will be for the day.

"It's not unusual for them to see three to four price changes a day from their suppliers, which is unprecedented," said Ferrante.

According to the State Department of Energy Resources, the average price of heating oil is currently at $5.02, which is up more than $1 from last week, and more than $2 a year ago.

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