In the news over the past week we’ve seen stories about the price of oil “plummeting” to just under $125 per barrel. Whew! I guess our troubles are over.
Wrong! While some of the media are excited about the recent drop in Jay Romano raises the right flag in his July 24th article in the NY Times “Time to Worry About Heat Bills” .
Oil prices are still about twice as high as they were a year ago. And as goes oil, so goes the rest of energy prices. Natural gas is up. Electricity is going up. Even dirty coal is up. And although they’re not beating the warning drum very loudly, the U.S. Department of Energy says we can expect them to stay up. Utility prices will be higher this winter, and many people can expect to pay 25% more with some oil customers getting whacked with 100% increases. Utilities continue to announce gas rate hikes and fuel oil continues to sell at prices double last year. And electric rates are following suit.
The smart way to fight this and to protect your bank account in the long run is with energy-efficiency improvements. Investment to save energy in your home start paying dividends immediately, and they’ll continue to pay you back through the winter and long into the future.
Taking steps to save now means you won’t have to worry regardless as energy prices bounce around tomorrow.