If you use heating oil to keep your family warm and cozy during those cold Irish winters, you are already aware that the price to fill your tank can vary widely. Like gasoline, heating oil is a commodity, and that means it is subject to the vagaries of the open market. When heating oil is abundant, the price can fall very quickly. When traders and speculators sense a shortage on the horizon, they can quickly bid up the price of a gallon of fuel.

Those changes in market price can make it difficult to stick to your budget, but there are some things you can do to minimize the impact of sudden price swings on yourself and your family. One thing you can do is review the price you paid for heating oil over the last couple of seasons. While changes in perceived supply and demand can change prices overnight, looking at the price you paid over time can give you a sense for what your costs might be in the future. Reviewing past heating oil prices is not foolproof, but it does give you a good starting point.

Another thing you can do is check with your heating oil company and inquire about contract pricing. Many companies allow customers to lock in heating oil prices for the entire season, making it much easier to predict your cost going forward. Locking in currently low heating oil prices for the winter can also save you and your family a lot of money if prices rise as the winter gets colder.

Heating oil prices are at the highest point for over 5 years and the trend is for the price to continue to increase. The global recovery and increased taxation will have an impact on the price of crude oil which in turn will impact the price of heating oil. Check the price of heating oil online regularly to ensure that you are getting the best price. Most heating oil provides give a discount if you purchase more than 400 Litres in one order. Planning ahead and budgeting can allow you to purchase in bulk ideally 1000 Litres in order to get the best price. Also beware that some quoted prices assume that you will pay in cash, some companies have an additional charge to process a card payment. You will also be able to check prices online and order online with most providers.

If you cannot lock in your heating oil prices ahead of time, it is a good idea to budget wisely and err on the high side. Budgeting for high heating oil prices will give you a cushion if heating oil becomes less expensive, while protecting you if prices rise more than expected. You may not be able to protect yourself against all heating oil price swings, but you can minimize the pain while keeping your family warm and comfortable.

© Liffey Oil Limited http://www.liffeyoil.ie 2012

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Established for over 25 years Liffey Oil Limited is an independently owned Irish family business which supply oil throughout Dublin to both homes and businesses. heating oil prices

Established for over 25 years Liffey Oil Limited is an independently owned Irish family business which supply oil throughout Dublin to both homes and businesses. http://www.liffeyoil.ie

Author Bio: Established for over 25 years Liffey Oil Limited is an independently owned Irish family business which supply oil throughout Dublin to both homes and businesses. heating oil prices

Category: World Affairs
Keywords: heating oil, heating oil prices