Heating oil prices lower, but will they stay that way?

MYSTIC, Conn. (WTNH)–Delivery drivers with Mohegan Oil in Mystic are pretty busy these days.A lot of people are filling up on home heating oil while cash prices are less than $3 a gallon

“A lot of people wait until it’s cold outside before they decide to fill up their heating oil tanks but this might be a good time to buy,” said Rich Fabricant of Mohegan Oil.

The lower prices are the result of the shale oil that’s being discovered in the U.S., according to Fabricant, who has run this family owned business for the past thirty years.

“It’s extremely volatile, but we are seeing trends that look positive. We’re not anticipating [any big jumps] but you never know,” he said.

While you can fill up at this price you cannot lock it in for season. It’s too late for that, according to a new state law.

“I believe it’s November 1 through March you can’t lock in,” Fabricant said.

Mohegan Oil also delivers kerosene to local gas stations. That price is quite a bit higher but can be cheaper than having a hundred gallons of home heating oil delivered.

“So they’ll buy five gallons of kerosene and dump it in their oil tank. It’s perfectly safe to do that,” Fabricant said.

Even though their busy peak season won’t come until after the snow falls and winter takes hold.

“If we were standing out here and we had winter coats on, I wouldn’t have time to talk,” Fabricant said.

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