As if this persistent cold snap in the eastern half of the US wasn't tough enough, now it's about to take a bigger bite out of our wallets. Natural gas and propane prices are soaring nationwide right now, and heating oil prices are up as well. Prepare for Sticker Shock If you'll need a propane or oil tank refilled in the next few weeks, don't be surprised by a big price increase since your last fill up back in the fall, when prices were much lower. Natural gas? You may or may not be immune. If you are on a variable natural gas rate, look for that rate to increase in February as providers readjust. Propane -The price of propane has jumped from $2 to $3 a gallon in much of the nation this month, due to distribution shortages. However, prices vary locally, so yours could be even higher. Natural gas -Wholesale natural gas prices have hit a 3 year high of $5 per million BTU's, up from $4 back in the fall.
Heating oil -And heating oil in many areas is up from $2.75 to $3.75 a gallon, though just like with propane, prices can vary widely based on local demand. Early lock-in a good idea The good news: If you are locked into a rate before January, especially with natural gas, you will not see any rate hike this winter. That's why it's a good idea to lock in during the fall when prices are low. Many natural gas suppliers offer 6 month and 1 year locks.
While the variable rate is often lower at first, it can jump sharply during times like this. As always, don't waste your money. ______________________________
Don't Waste Your Money is a registered trademark of the EW Scripps Co.