(09/22/06) WOODBURY - With crude oil prices dropping, some Long Island residents said Friday they might renegotiate their heating oil contracts.
Many homeowners lock in heating oil prices with their distributor for a set amount of time. Recently crude oil prices lowered to about $60 a barrel and the quick drop has caused heating oil to cost approximately 20 cents less per gallon than a year ago. Some Long Island residents say they will try to renegotiate their fee for this winter?s heat.
Another option for those who do not lock up a flat rate is a price cap. This sets a maximum amount of money the company can charge that individual regardless of what happens on the market.