posted on October 11, 2012 10:55
New York State residents may have to dig deeper into their wallets to pay for heating oil this winter.
New State environmental regulations require heating oil users in the Empire State to use the same diesel fuel used by trucks to fill their furnaces.
However, many East Coast refinery closures have led to a sharp decline in supply of such fuel. The average cost of heating oil in New York is already eight percent higher than it was one year ago, and economists say a sharp cold spell in the winter months could send the price of heating oil up to $5 a gallon.
The average New York homeowner could see a $400 heating oil bill increase this winter if a string of cold weather hits the region.