Drop in energy prices may be short-lived
Posted: Wed Feb 15, 2006 10:33 pm
Bace W. Felice
Senior Writer
The recent skid in oil prices is giving consumers a welcome break from higher heating oil and gasoline prices. But analysts say the reprieve may be only temporary.
Though the groundhog has predicted plenty of cold weather ahead this winter, heating oil prices have likely peaked for the season. While still higher than last year, the retail price of heating fuel has dropped 45 cents a gallon from a high of $2.64 last fall.
One big reason: falling crude prices have cut the cost of refining heating oil. And despite the recent cold snap throughout much of the country, it’s been a warmer winter than expected.