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Heating fuel expenditures expected to increase from last year (10/14/2021)

Author: FleetLogik Media Relations/Thursday, October 14, 2021/Categories: General

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In our October Short-Term Energy Outlook: Winter Fuels Outlook, we expect that higher energy prices and a slightly colder winter compared with last year will contribute to households across the United States spending more on energy this winter (October–March) compared with the past several winters. On October 13, 2021, the Brent crude oil price (the most relevant crude oil price in determining U.S. petroleum product prices) was $83 per barrel (b), a 57% increase from last winter’s average, which contributes to the higher expected propane and heating oil retail prices. Wholesale prices of crude oil have risen because petroleum demand has increased faster than supply, leading to falling inventories (in the case of crude oil and several petroleum products) and propane inventories that have increased at slower rates than historical averages. We expect the retail price of propane in the United States will average $3.10 per gallon (gal) this winter (49% higher than last winter) and the price of heating oil will average $3.39/gal this winter (33% higher than last winter). ...

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