PDA

View Full Version : Heating Oil prices



Bill Webber
06-25-2007, 8:07 AM
Much as I would like to get into full retirement mode, looks like we may be spending another year in the old homestead. I usually buy fuel oil during the summer months when I'm expecting prices to be lowest, but I've never been able to verify that. I've never seen any pricing charts or other info to say when fuel oil prices would be expected to bottom out. Anyone know what is the best month to buy fuel oil?

...and who is controlling the housing market? Doesn't anyone move anymore? :mad:

Regards,
Bill W.

Matt Meiser
06-25-2007, 8:40 AM
...and who is controlling the housing market? Doesn't anyone move anymore? :mad:

Around here it is the banks--they unwillingly own a significant number of houses on the market. The one across the street from me just sold for nearly 1/2 of what its value would have been around 2000-2001. Granted it needed a LOT of work since the finished basement flooded while the house was empty.

David G Baker
06-25-2007, 9:48 AM
Don't know about fuel oil prices but the housing market in Michigan is like Matt said. I live in Mid Michigan where employment is probably on or near the bottom of the national list. Many people are taking the keys to their homes to the mortgage company and handing them over. They have lost their jobs, used up any reserve funds that they had, have no jobs available that will support a family and have no way of paying on the mortgage. They don't even go through the repossession process. Many pack up what belongings they have and leave the state hoping for job in another location. I compare Michigan's situation to the "dust bowl" period.

Jeffrey Makiel
06-25-2007, 10:24 AM
David...the Detroit area has been on cable news lately. They showed the enormous quantity of homes for sale, or foreclosed, as a result of the declining auto industry. They also showed multi-million dollar condos being sold in center city Detroit. The great american divide was clearly apparent by the erosion of their middle class. A have and have not mentality.

To add fuel to the fire, it was also reported that only 24.9% of Detroit kids graduate from high school. The lowest graduation rate in the US, with Baltimore, Philadelphia, and New York City not being much better. Simply amazing and appalling. Without low or unskilled jobs that can support one's family anymore, I can't imagine what the future holds for Detroit and the rest of America.

-Jeff :)

Joe Pelonio
06-25-2007, 10:26 AM
I heard that the reason diesel fuel cost more in winter is that it comes from the same source as heating oil. Since diesel is currently less than regular gas, it seems likely that the same would apply to heating oil, less now, more in winter.

Matt Meiser
06-25-2007, 10:35 AM
Here's another example: link (http://www.danberry.com/dansite/searchdetail.php?PPropertyType=26&CurrentNumber=3&NumSearch=7&MLNumber=3418259&IsDNB=false&FromPage=propertysearch.php&page=1&searchpre=). Four years ago this house was For Sale By Owner. Our realtor called the owners and told them we'd like to look at it but it was listed at $10K over our max price so should we come look at it or not. They said no. A few months later it was the bank's. Then 2 years later it belongs to the bank again and has been vacant since last summer. Now it needs work after some vandalism and sitting unheated for a winter and the cost of that work will come off the asking price. Plus, within 1 mile (driving distance, not radius) there are probably 5 other houses for sale. One of them has been for sale for 2 years solid. One of the others just got relisted for the second summer (they pulled it off the market for the winter.)

Jeffrey Makiel
06-25-2007, 10:39 AM
Matt...the link is not working. You peaked my curiosity.
-Jeff :)

Matt Meiser
06-25-2007, 10:39 AM
Jeff, while things are definitely bad here, don't assume that a story on the City of Detroit is representative of the situation in the entire area. You could have done the same story on the City of Detroit 10 years ago even when things were booming in the domestic auto industry. In fact, the situation in the city has probably actually improved as the so-called "haves" moved in and invested in the city.

Matt Meiser
06-25-2007, 10:41 AM
Jeff, I updated the link.

Pat Germain
06-25-2007, 1:53 PM
Predicting the price of heating oil is like predicting the stock market. You can get lots of opinions. You can research lots of charts and graphs. You can do lots of analysis and try to identify trends. In the end, the dart board method beats it all. It's the proverbial crapshoot.

Sorry to hear about the hard times in Detroit. There was a story on the radio last week about a Detroit elementary school that was closing. The student body was literally half of what the school was designed for. (Meanwhile, my local high school is over 100% above designed capacity. :confused: ) They interviewed an employee of the school. She had attended that school and was upset about it closing. Ironically, her grammar skills were among the worst I've ever heard in any interview anywhere. I guess that doesn't say much for the academic achievement of the school. :(