The Real Deal: Oil costs see major increase since last year

As temperatures drop, people crank up the heat and spend more time indoors, oil costs continue to rise significantly since last year.

News 12 Staff

Nov 18, 2022, 11:00 AM

Updated 605 days ago

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As temperatures drop, people crank up the heat and spend more time indoors, but oil costs continue to rise significantly since last year.  
Rick Hennessey, of J. Swanton Fuel Company, has been delivering oil to his neighbors in Atlantic Highlands for the last 15 years. His wife works in the office and has been on the front-line of many complaints, as home heating oil is up more than 40% in 2022.  
RELATED: You could be paying more to stay warm this winter. Here are tips to help you save on your heating bills.
https://newjersey.news12.com/you-could-be-paying-more-to-stay-warm-this-winter-here-are-9-tips-to-help-you-save-on-your-heating-bills

RELATED: Need assistance keeping your home warm? Here are some tri-state resources.
https://newjersey.news12.com/need-assistance-keeping-your-home-warm-here-are-some-tri-state-resources
Hennessey says they are trying to accommodate those who can't afford to fill their entire tank at once, but cautions that they can't make a delivery less than 150 gallons, or they lose money. 
"When you have older people on fixed incomes it's very hard,” said Hennessey.  
States in the northeast are reportedly already rationing heating oil as prices rise. J. Swanton Fuel Company uses six suppliers. They have been assured they will have supply this winter. 
Although the rate of inflation is slowing down, prices in general are still up over the last holiday season.  
"If we look inside the date that's in utilities, piped gas up over 24%. Cereals and bakery products over 16.7% Private Transportation, like Uber and Lyft, up 10.4% and food at home, groceries still up over 10%,” said Caleb Silver, of Investopedia.


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