Experts: Do the math before canceling your oil contract

Fearing even higher oil prices this past summer, many Long Island homeowners locked in their home heating costs at levels much higher than the current cost of oil. Experts are now advising customers to

News 12 Staff

Oct 24, 2008, 10:33 PM

Updated 5,740 days ago

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Fearing even higher oil prices this past summer, many Long Island homeowners locked in their home heating costs at levels much higher than the current cost of oil. Experts are now advising customers to do the math to determine if it?s better to break the contract or stay in.
Maria Feinman, of Shirley, is one of those still paying her high rate. In July, she locked in her home heating oil price at $4.80 a gallon when oil was at a record high. She says she thought prices would just keep going up. Oil now costs nearly half that.
Kevin Rooney, of the Oil Heat Institute of Long Island, says homeowners should figure out how much money they would lose by canceling their contract and signing up with a new company at a lower price. Homeowners can also ask their oil providers if they will re-negotiate a lower price.
Rooney says now is a good time to lock in a home heating contract because he doesn't think oil prices will drop much below where they are now, at $64 a barrel.
Nassau County Office of Consumer AffairsNassau County Office of Consumer Affairs -Weights and MeasuresOilHeat Institute of Long IslandOil Heat Associates


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