Fuel prices nearly double in Alaska and Northeast

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Homeowners fume over fuel prices Cost nearly doubles in Alaska, Northeast Associated Press Jan. 26, 2000

STAMFORD, Conn. - Alex Terentino feels like fuel suppliers have him over a barrel -- twice over.

Terentino has seen the amount he pays for home heating oil go from 99 cents a gallon to $1.89 a gallon in a matter of weeks, while his bill for natural gas at his Stamford butcher shop has doubled in the past month.

"You've got no choice. You've got to pay," said Terentino, one of many consumers across the country complaining about the sudden and rapid rise in fuel costs.

With much of the Northeast gripped by frigid temperatures during the past week, usage of home heating oil was way up, leading to supply shortages in some areas.

In East Hartford, fire officials urged residents to lower their thermostats to conserve fuel after a main supplier, Motiva Enterprises LLC, said it expects to run out of oil by midweek. Several residents in two town trailer parks went without heat for two days when their fuel wasn't resupplied in time.

With supply decreasing, home heating oil prices have responded by rising dramatically. In Connecticut, retail prices shot up at least 40 cents a gallon, to about $1.70 to $2 per gallon. In Massachusetts, the average retail price rose to $1.74 a gallon Monday, up 57 cents from a week ago and more than double what it was this time last year. And in New Hampshire, retail prices jumped 49 cents in six days, from $1.22 per gallon to $1.71.

Truckers are also feeling the pinch because of sharp increases in the costs of diesel fuel. In New York, the retail price of diesel fuel rose from a low of $1.349 per gallon to a high of $2.059 per gallon from Thursday to Monday, according to the New York State Motor Truck Association.

Even kerosene users were seeing steep price increases. At French's Kwick Stop, near Hegesvillle, W.Va., kerosene prices have jumped from 99 cents a gallon a week ago to $1.69.

"People are shocked. I've been here 30 years, and that's the highest I've seen it," Donna French said.

President Clinton on Tuesday directed an emergency release of home heating assistance funds.

Industry analysts say the sudden price increases have been caused by several factors, including the recent cold snap, OPEC's decision to extend existing production cuts past an original March deadline and low petroleum supplies.

During the past year, as the Organization of Petroleum Exporting Countries has reduced production, prices of oil and gas have skyrocketed.

Last year, winter was warmer than normal, and heating oil prices remained stable during the season. Wholesale prices for heating oil for delivery the following month traded on the New York Mercantile Exchange hovered around 32 cents a gallon.

On Tuesday, heating oil for February delivery closed at 90.38 cents a gallon, off a high last week of 93.50 cents.

Link

And we keep to being told that there is no inflation. Ha!!

-- Maher Shalalhashbaz (mahershalalhasshbaz@mail.com), January 26, 2000

Answers

Oops! Link

-- Maher Shalalhashbaz (marheshalalhasshbaz@mail.com), January 26, 2000.

Yup: <:)=

NJ - #2 fuel oil - $.89 on 1/13 - $1.55 on 1/26!

-- Sysman (y2kboard@yahoo.com), January 26, 2000.


Northeast /warm winter /caught with their supplies down?

BUT ALASKA Right!!!!!!!

-- James (brkthru@cableone.net), January 26, 2000.


I just called our local heating oil dealer, here in Seward, Alaska. I filled our tanks just befor Christmas to be prepared for the roll- over. At that time #1 fuel oil was $1.05 a gal. Todays price is $1.18. This is the standard, after the first of the year rate hike. Nothing out off line here...

-- Capt Dennis (capden@hotmail.com), January 26, 2000.

FWIW: premium unleaded at Texaco (in Anchorage) $1.45 last evening. No lines as compared to last week of Dec 99.

-- Nelson Isada (isada@alaska.net), January 26, 2000.


CT price update as of today at my local outlets...

Mobil Regular 87 octane $1.49.9

CITGO Diesel $1.99

Home Heating Oil $1.79

-- Irving (irvingf@myremarq.com), January 26, 2000.


I was suprised to confirm that prices here in PA are also getting very high. York-Hanover diesel prices have gone from around $1.29/gal to $1.85-$1.95 in 2 weeks.

Gasoline has gone up a couple cents, to around $1.41 for premium, $1.29 for regular unleaded.

-- Bill (billclo@msgbox.com), January 27, 2000.


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