Like they say: If you can't beat 'em, join 'em. With the price of home heating oil on the rise, and likely to go on rising due to global politics, now might be a good time to place a bet on oil to hedge against the costs of keeping the homestead warm.
This winter's weather is forecast to be milder than last year's, but many Americans will get a cold chill when they open their heating bills. Average household spending for the season will rise for natural gas and propane, and those who use heating oil will see their highest winter bills ever.
It may be the happiest season of the year, but higher crude oil prices that have translated into higher gasoline prices have many motorists frowning. The weak U.S. dollar and expectations of a more robust economic recovery in the coming year have helped push oil to over $90 a barrel.
The mid-Atlantic region, hard hit last winter, will catch a break from the weather next time, says the Farmer's Almanac, but much of the rest of the U.S. will be colder than normal, New England in particular. For those who heat their homes with oil, however, lower prices should ease the season.
