Crude oil, heating oil prices dip lower

The price of crude oil is below $40 a barrel, the lowest level in 6 years, and heating oil is getting cheaper too. Experts say Long Islanders can expect to pay about $1 less per gallon of oil than

News 12 Staff

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Aug 22, 2015, 1:38 AM

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Updated 3,409 days ago

The price of crude oil is below $40 a barrel, the lowest level in 6 years, and heating oil is getting cheaper too.

Experts say Long Islanders can expect to pay about $1 less per gallon of oil than they did last year. That could result in a bill that's 25-30 percent lower for the average household.

Homeowners may consider locking in heating oil prices for the fall and winter. Consumer advocates say to save more money, homeowners should choose a capped rate rather than a fixed one.

"We prefer when possible to provide people with a capped rate, meaning there's a ceiling on the oil, but they can still benefit when prices go lower," says Michael O'Connor, of NYPRG.

The current low prices are expected to stick around.

"You're probably going to see very stable oil prices for the foreseeable future," says Kevin Rooney, CEO of the Oil Heat Institute of Long Island.