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Every year many of our customers wrestle with this issue. Should they lock in before prices rise in the winter? Should they wait and see what prices do in the fall, and perhaps lock in then? Should they pass on the opportunity to enter into a fixed rate contract and hope to “ride the market down?” At Jamie Oil, we generally avoid making projections about the future of oil prices. We also believe the decision of locking in or not locking in is an issue consumers can best navigate based on their own budgets and other financial considerations that are specific to their situation. As always, if any customer needs help, please give us a call. That said, a few noteworthy events are happening in the worldwide oil markets that could influence oil prices for the better as far as consumers are concerned. First, the Organization of Petroleum Exporting Countries (OPEC) has lost their clout. The cause of gasoline shortages in the 1970’s and the bane of Jimmy Carter’s years in Washington, the twelve nation cartel has too much competition to control oil production and prices worldwide. OPEC got greedy and now they are paying for it. The second factor is the strong US dollar. When compared to other currencies, the dollar buys more goods than it did five or seven years ago. Since oil is priced in dollars per barrel in international markets, a strong dollar makes for better purchasing power for American consumers. A strong dollar lowers oil prices everywhere. Perhaps most significant is the “shale boom” right here in the US. With domestic crude production near four million barrels a day and vast reserves currently available in the US and in Canada, the supply picture has changed. If OPEC seeks to increase prices, look for more North American wells to begin pumping. Just as real estate, the stock market and interest rates cycle through their ups and downs, it appears that the oil markets have cooled off after a ten year period that saw prices rise to levels never seen before. History teaches us that it is not uncommon to have innovative suppliers who employ technology to pop the balloon of those who once controlled the market. OPEC is no longer in charge. The result is a better value for the consumer. Oil heat is expected to be more financially competitive with other sources of heat over the next five years.
Every summer our customers wrestle with whether to lock in to a fixed price program, a capped price program or pay our daily market rate for oil deliveries next season. Below please find ten things you should know prior to making your decision. It is your decision. Jamie Oil neither encourages nor requires any customer to lock in. Your decision involves risk and some of the risk is yours. Every year oil prices go up on some days and down on others. Do not expect to “pick the bottom” of the market. Jamie Oil employees have no idea what oil prices are going to do next year. If you lock in and oil prices go up, you win. You save money. If you lock in and prices fall, you lose. Locking in could cost you money. Jamie Oil orders oil from our suppliers when you lock in, as is required by law. Jamie Oil cannot get out of the contracts we sign with our suppliers, and we require our customer to fulfill their obligations to us. If a customer chooses to lock in five years in a row, it is likely that the customer will lose money two out of the five years.
None of us are getting any younger, and that goes for your furnaces and boilers also. So that leads us to the question “Is buying a service policy a good idea?” We think so. Jamie Oil offers 3 different levels of service policies to suit your specific needs. All equipment should be cleaned/tuned up annually so our tune up policy is an easy choice and we offer it to you at a flat, competitive rate. We’ll even send you a reminder notice when it’s due for a cleaning because keeping your system “healthy” with annual maintenance leads to a longer life. Even if we take care of ourselves, we can all slip a disc at some point and that is why we offer policies with more coverage. Our standard policy covers the tune up and additionally provides coverage for a long list of parts and the labor to install those parts. With the cost of copper parts rising, one repair will normally pay for the additional cost of the coverage. For those of you with boilers and possibly water on the knee, our deluxe policy provides what the standard policy does but also covers some water parts. Deluxe policies are intended for boilers only as there is no benefit to the consumer who owns a warm-air furnace to purchase deluxe coverage. The deluxe policy will be about $50 more than what a tune up and annual purge for your boiler would cost, so dollar wise it also makes sense. The last thing you need is an unexpected expense, especially around the holidays. We can’t set the clock back on your system, but our policies can give you a little peace of mind. You may be surprised at how much you can save!
Replacing an old inefficient boiler with a new cleaner burning oil fired boiler can reduce your fuel consumption by as much as 30%. Heating your domestic hot water (showers, etc.) with oil is less expensive and more efficient than electric. Most New England based oil companies evolved from the local “Ice and Coal” companies that popped up after World War I. Today’s heating oil, which burns cleaner than ever before, will be comparable to natural gas in regard to particulate emissions this winter. Air conditioning tune ups can only be performed in 60+ degree weather to properly set the pressure in the units and service techs run the risk of electrocution if they work on A/C units in the rain. Most cars run more efficiently (increased miles per gallon) on 87 octane gasoline than premium grades (89 to 93 octane). At current prices, it is cheaper to heat your house with oil rather than wood or pellets. Those of you who are going through the exhaustive and inconvenient hassle of burning pellets and hardwood are wasting time and money. Mass Save continues to offer qualified homeowners 0% financing on many heating and air conditioning system installations.