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Friday 3 April 2020
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How the Changing Price of Oil Affects You

How the Changing Price of Oil Affects You

Once upon a time, crude oil was an inexpensive, abundant resource used around the world for a variety of industrial and commercial applications. Today, however, the ever-dwindling supply of fossil fuels has led to unpredictable swings in the price of crude oil, which often varies from day to day. Home heating oil, used in homes throughout the world and particularly in the cruel winters of Northern Europe, is derived from crude oil—and its pricing varies accordingly. It can be difficult to predict these price changes, but being aware of the reasons behind them can help you and your family plan for these variations in pricing and grant you with enhanced financial stability in the process.

Keep Oil Secure

Heating Oil

Heating oil generally comes in two variants, kerosene and gas oil. Both have their benefits, but being crude oil products, both tend to follow the price of crude oil, with factors such as distance, volume and consumption all affecting their respective price trends. Kerosene is often used in portable stoves and heaters and is commonly associated with camping, as it produces an enormous amount of heat energy in comparison to the amount of fuel it consumes.

heating oil2

For oil giants, Emo heating oil prices are also linked to the pound-to-dollar exchange rate. This is the pricing equivalence between the British pound and the United States dollar, which is the standardised international currency of crude oil trading. For this reason, an increase in the strength of the United States dollar against the British pound means that the price of oil must also go up in proportion. Fortunately for British wallets, the reverse is also true, and any gains the pound makes against the greenback (or any United States dollar weakness) means that oil consumers start saving money.

home heating oil2

Planned Delivery

Some oil companies looking to protect their consumers against these fluctuations offer services designed to ensure that, no matter what effect pricing has on their bottom line, you never run out of heating oil. This is critical particularly in winter, when exposure to extreme cold can cause significant adverse effects on the health of those in unheated homes. With easy online ordering, you can not only plan your oil deliveries, but also have the company measure the daily temperature and average usage of your household. This way, they can fill your tank and keep monitoring your usage until you need another tank of oil. This arrangement is designed to circumvent drastic day-to-day shifts in oil costs, meaning that, when companies price the service competitively, even with the monitoring and home service, it can be a cost-effective home heating option.

Home Heating Oil1

Online, you can select the type of fuel you want and what quantity you want it in before entering your location and receive a no-strings-attached quote on the price you’ll be paying for the oil. Oil companies that truly care about their customers even offer the option to chat online to a heating oil expert should you have any questions about the planned delivery process, leaving you secure in the knowledge that your home won’t have to go without warmth this winter.