See average member prices over time
Heating oil prices remain well below where they were this time last year. In 2019, prices stayed very steady in the $2.45 to $2.75 range all year. Starting in January 2020, however, prices began to ease off, and finally collapsed in the face of Covid-19 and its impact on energy use. Since May, prices have been slowly creeping back up as OPEC+ reined in production to help buoy prices. This week Saudi Arabia announced more production cuts. This has firmed up prices that were looking to drop as the recent surge in Covid-19 again cuts into demand.
Green Energy Consumers Alliance prices historically compete the best during the coldest time of year when we all tend to use more heating oil. We've always measured our savings by comparing our average member price to dealer surveys conducted by officials in Rhode Island and Massachusetts. This year we've held onto our regular 15-30 cent per gallon spread versus the Massachusetts survey, with savings at the start of 2021 pretty steady around 30 cents per gallon.
Historically, Rhode Island's wholesale tends to run 8-15 cents less than Massachusetts', and prices in the two states rise and fall in tandem. Unfortunately, last Spring the Rhode Island officials who maintain the survey changed the way they calculated the state average and removed from their sampling all the dealers that report to a survey maintained by the federal Department of Energy. This change led Rhode Island to publish inaccurately low data points for months. In early January, 2021, Rhode Island corrected their data collecting procedures.
What will happen to prices the rest of this heating season? That's a question we're loath to guess at beyond suggesting that our heating oil program savings will continue. What we've seen over the past years is that our savings are squeezed when markets are rising, and they grow to huge levels when markets fall. Last year was a great example of that: our price difference New Year's 2020 was about 25-35 cents, only to grow as much as 60-70 cents for a few days in March and early April. We're not expecting quite the sell off this spring as last year, but we also don't see prices racing off to the $3.00 per gallon level for our members any time soon.
Our staff people are ready to help with any questions. Call us at (617) 397-5199, or email us at firstname.lastname@example.org. If you're already a member, you can log in and check your dealer's member price at https://myaccount.greenenergyconsumers.org. If you have not yet used that site, click on "forgot password" to create your login credentials linked to the email address we have on file for you.
How do our prices compare?
Massachusetts' latest price survey of full-service dealers (published weekly September-March), on Tuesday, January 19 posted an average price per gallon of $2.54, with a high price of $4.12 and a low of $2.03. The average prompt-pay price for our members in Massachusetts that day was $2.23 per gallon, for a savings of 31 cents per gallon.
Rhode Island's latest survey price, on Tuesday, January 19, was $2.65. The average prompt-pay price for our members in Rhode Island that day was $2.23, for a savings of 42 cents per gallon.
In New Hampshire, the survey for Wednesday, January 13, was $2.45, while our average prompt-pay price there was $2.18, for a savings of 27 cents.
Already a member? Tell your friends about your savings
https://www.greenenergyconsumers.org/heatingoil/spreadwordourheatingoilservice. When a new member joins and gives us your name, we'll thank you with a $25 credit to your account with your Green Energy Consumers oil dealer.