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Crude oil soared above $50 a barrel for the first time ever last week, pushing heating costs to nearly twice what they were a year ago due to unrest in Nigeria, the world's seventh-largest oil exporter. This was also reflected on the New York Mercantile Exchange, as heating oil for November delivery increased to $1.40 per gallon yesterday, about twice what it was a year ago.
The major consequence of the increased cost of heating oil is an expected spike in heating bills this winter. To reduce the cost of heating as much as possible, first check with your local power utility for free energy audit inspections, assistance and referrals for additional energy saving information. Authorities are advocating money-saving methods that can offset the cost of heating.
Tips include:
- Give your home the once over to determine how you can save on heating costs: insulating, caulking, weather-stripping and other low-cost measures can save a you bundle and keep you warmer this winter.
- Sock away some firewood as a fill-in heating fuel now before the rush.
- Fill up your heating oil tank before prices rises more
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