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ECC Statement on September 2009 Short Term Energy Outlook
Washington, D.C., September 11, 2009
Regarding heating oil, the September outlook says:
- Eastern supplies grew from 50.8 million barrels to 69.8 million barrels, more than 27 percent, between the third quarters of 2008 and 2009. During the same period, average retail prices for consumers dropped from $4.09 per gallon to $2.45 per gallon, a 40 percent decrease.
- Between the fourth quarters of 2008 and 2009, EIA expects that eastern stocks will rise from 56.7 million barrels to 68.2 million barrels, an increase of 17 percent. Average retail prices for consumers are expected to drop from $2.86 to $2.68, a 6 percent decline.
“All indications from the September 2009 Short Term Energy Outlook are that heating oil supplies are strong and higher than normal, and should be plentiful for the heating season. The outlook for price is also attractive, as we enter the winter at a much lower price than we entered the winter last year. Oilheat retailers will again provide homeowners with the reliable winter comfort they have come to expect.” – John Huber, Energy Communications Council spokesman.
