Oil dropped to $100 a barrel. Should I buy oil for next fall now or wait til this

[MJN]

summer? I'm nervous about the oil prices these days.


http://biz.yahoo.com/rb/080320/markets_oil.html?.v=1

[Renee in FL]

I don't think that the price of gas/oil that we use has had time to adjust yet, has it? I didn't see any dramatic drops in the price of diesel!

[Renee in FL]

I don't think that the price of gas/oil that we use has had time to adjust yet, has it? I didn't see any dramatic drops in the price of diesel!:tongue_smilie:

[Claire]

It's like trying to play the stock market. :tongue_smilie:

Based on another thread here about when to buy home heating oil, I would wait until summer. People posted that is when home heating oil is least expensive.

I would think that it is the wholesalers who try to purchase large quantities of oil when the price per barrel drops. They in turn sell it to refineries who process it and resell to retailers, who then add their profit margin and sell it to you. What they are selling right now is crude oil that was purchased a long time ago. The price of home heating oil is not based solely on the price of crude per barrel. There are many other factors that may be even more important.

[Sara R]

In general, I would buy earlier rather than later. A falling dollar leads to rising commodity prices, and rising prices for anything that is on the world market, since other countries have more powerful currencies that can buy more than we can which increases the dollar price. I'm getting a good food supply in the basement as well to offset rising prices.

[Adrianne]

Right now oil prices are very high. We have had oil heat now for 3 years and have always found it to be lowest in July (about). Prepaying at the end of summer is also a good option if you want a low price. I would not buy heating oil right now unless we were completely out.