Heating Oil Prices in New Hampshire Approach $5 as Winter Continues

The average cost of heating oil in New Hampshire has reached $4.83 per gallon.

The average cost of heating oil in New Hampshire has reached $4.83 per gallon as of March 9, reflecting a significant increase of nearly one dollar since mid-February when prices hovered around $3.91. The rise in prices is influenced by escalating global tensions, particularly related to Iran.

Residents who purchase heating oil on an as-needed basis are feeling the financial strain of this price hike. In contrast, those on fixed payment plans for heating oil before the season began report less impact from the fluctuations. They express a sense of security because their costs are locked in.

New Hampshire ranks as the second highest state in the country for heating oil consumption per capita, with approximately 42% of households depending on it as their main source of heat. The lingering winter conditions could drive prices even higher in the near future.

Analysts from GasBuddy have warned that heating oil prices could approach record highs, predicting a possibility of reaching $5.50 per gallon in the coming weeks. Global disruptions, particularly concerns regarding the Strait of Hormuz, are cited as factors contributing to the surge in heating oil costs.

Concerns over heating oil affordability have prompted an uptick in calls for assistance. The Granite United Way, which oversees the 2-1-1 service, reported an increase in inquiries related to heating assistance. The prolonged winter and rising oil prices are believed to be influencing this surge in demand for help.

Residents who find themselves struggling to pay for heating oil are encouraged to seek assistance by contacting the 2-1-1 service for support and available resources.