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Oil prices fall again - Consumers benefit directly from 7 year low

Heating oil prices have been falling dramatically over the last few months and are now at an amazing 7 year low. 

Now’s a great time to fill your tank and take advantage of the cheap heating oil prices that Quote Me Oil have to offer, making your wallet smile even more than ever before.  

Although there is no guarantee that the prices will continue to fall, they could just as easily creep up if the production of crude oil slows down, it really is a guessing game but if your tank needs filling, take advantage of the savings whilst the heating oil price is low.

Latest industry figures show prices have fallen a further 10.5%, and because we pass on the wholesale reduction directly to our customers, you will reap the benefits. 

This is great news if you heat your home with Kerosene heating oil, but not so great for households using mains gas and electricity for home heating.

Sutherland Tables. who are a recognized independent source of data on comparative UK domestic heating prices, say that oil continues to trump competitor fuels such as gas and electricity on price – Confirmation that HEATING YOUR HOME WITH OIL IS THE CHEAPEST.

According to Sutherland Associates,  To heat an average three bedroom home in the UK with oil, costs just £793 per year, a staggering 24% less than mains gas which costs £1,038 per annum.

Oil is currently 48.7% cheaper than LPG and 50% cheaper than electric storage heaters to heat the same average household.

Over the past two years we have seen the prices fall considerably and it is predicted that kerosene will remain low for some time to come.

With crude oil being cheap, trading as low as $40 per barrel in 2015 in comparison to $100 per barrel in 2014, you, our customers, are benefiting from US oil production being at its highest in over 25 years.  So as oil production continues there’s more oil on the market, which drives down prices which is one of the factors the oil price remaining cheap.

See our blog for an insight into what factors can affect the oil price.  We can safely say the low heating oil prices are mainly down to the crude oil prices.