Oil Prices Are the Lowest They’ve Been in 18 Years

How low can it go?

It’s been in the news a lot lately: oil prices have been plummeting to the lowest they’ve been in nearly two decades due to the decline in demand from the COVID-19 pandemic. 

And even though the Organization of the Petroleum Exporting Countries (OPEC+) have been working on a deal to cut overall crude-oil production by 9.7 million barrels in an effort to balance the market, the worry among many is that the market is still trending bear.

While that means bad news for oil and gas production, this is great news for you — our customer! As heating oil gets cheaper for us, it gets cheaper for you, too. Win-win. 

So, how will this look in reality?

Understanding your heating oil budget

We’ve talked a lot about putting together a heating budget in previous posts. But it really starts there. What other utilities will you need to factor in? What will the weather be doing in the next few weeks or during the next billing cycle? 

Then, you can pay out your heating bill in three different ways.

They are: 

  • Variable price — Monthly bill follows our market price.

  • Capped price — Monthly bill follows market trends, but will not exceed a capped price.

  • Fixed price — Same price each month, all year long.

It’s surprisingly easy. The reason we made it this way? We own homes, too. We know exactly what it’s like to be on a budget. So, depending on your situation, we wanted to give you a few options to always get the heat you need, when you need it. 

HOP Energy’s Influence in the Heating Oil Industry

We’re in the business of keeping your energy on, no matter what’s happening in the oil industry. So, even when the market is down, your heat will stay up. 

According to MarketWatch, the forecast for the oil industry looks like it will still be wobbly for a little while. “U.S. benchmark oil futures settled at their lowest since early 2002 …on the back of a grim forecast for a record decline in global oil demand this year and a 12th consecutive weekly rise in U.S. crude stockpiles.”

At HOP Energy, your family’s wellbeing is our number one priority. With automated tracking and delivery, 24/7 emergency service, and price protection & predictable costs, you can get the heat you need, when you need it. Sign up for automatic delivery and get $100 off your first fill!