Heating oil prices plummet

22News found some companies offering oil as low as $1.80

SPRINGFIELD, Mass. (WWLP) – For the past few months, many of us have been blasting the air conditioner, trying to keep cool. However, months from now, we’ll be turning up the heat, and it’s expensive.

For the past few winters, natural gas has been the cheapest option, but that could be changing.

“Prices of gas and oil is pretty much the same thing. It used to be better if you have natural gas but now with the prices of oil, it’s going down,” said Carlos Chavez of Agawam.

In the winter of 2013-2014, oil was almost double the price of natural gas. The average Massachusetts resident spent around $1,000 for natural gas for the season, and around $2,000 on oil.

The average price of oil last year, was close to $3.70 a gallon. Right now, 22News found some companies offering as low as $1.80.

According to New England Oil, FuelCo is offering heating oil for a $1.78 a gallon in Springfield. Bottom Line Oil is offering oil at $1.89 in Pittsfield, and it’s $1.99 a gallon at Energy Direct in Southwick.

“Oil fluctuates. We don’t know what the economy is going to produce,” said Loanne Popp of West Springfield. “It would be not cost efficient to change over and then as the oil prices go up… it makes it a lot worse.”

Wednesday on 22News starting at 5 p.m., we’re going to talk to an oil company to find out if now is the right to time to lock in your rates, or if you should hold out for even lower prices.

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