This is an excerpt from EERE Network News, a weekly electronic newsletter.

March 26, 2008

With Oil Soaring, Heating Fuel Prices Also Hit Record Highs

U.S. residents will be happy to see the warmer temperatures accompanying the arrival of spring, because those warm temperatures could also spell some relief for their pocketbooks. As noted in the March 19 edition of "This Week in Petroleum," produced by DOE's Energy Information Administration (EIA), the recent run-up of oil prices past the $100 per barrel mark has also caused heating fuels to reach record prices. According to the report, the average heating oil price exceeded $3.85 per gallon in mid-March, setting a record high. In fact, that was the fifth consecutive week that heating oil prices set new record highs. Meanwhile, propane prices dropped slightly from their record high set at the beginning of March, which exceeded $2.60 per gallon. As a result, "prices for the winter as a whole are likely to set a new nominal record," according to the report. See "This Week in Petroleum" on the EIA Web site.