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THIS WEEK IN PETROLEUM REPORT RELEASE - October 13, 2011
This Week In Petroleum
Heating Oil Outlook Each October, the "shoulder" month when the seasonal peak in U.S. oil demand shifts from transportation to heating fuels, the U.S. Energy Information Administration (EIA) releases its outlook for winter heating fuels demand and household heating costs.
EIA expects households that heat primarily with oil to spend an average of $2,493 this winter heating season (October 1 through March 31) (Table 1). According to EIA projections from the October 2011 Short-Term Energy and Winter Fuels Outlook, residential heating oil prices this winter are expected to average about $3.71 per gallon, $0.33 per gallon (10 percent) higher than last winter and the highest average winter price on record. Taking account of a 1 percent decline in average heating oil use, average fuel bills for households that use heating oil are expected to rise by 8 percent.