Heating oil $5.149 per gallon

I just spoke to the driver who delivers my heating oil, and he informed me that the price per gallon of heating oil is $5.149 per gallon.

Even though the New York harbor futures price for oil declined for March from February from $3.28 to $2.98 per gallon, or $0.30 per gallon, the price of oil continues to increase.  In a free market, demand, not costs, determine price.  And those few who control supply can control the price.

I can remember buying heating oil for as low as $0.149 per gallon about 35 years ago.  That's a 3400% increase in the price, or on average, nearly 100% every year.

The question is:  who can afford to heat their homes with heating oil?  At least with electric heat, if you cannot afford to pay your heating bill, the electric company will not turn off your electricity if you make some worthy payment each month.  I feel for the elderly, the unemployed, and those who cannot afford to pay for heat.

Free market or oligarchy?

William Brighenti, CPA
Accountants CPA Hartford, Connecticut, LLC