Heating Oil rose to 2.47 USD/Gal on July 11, 2025, up 3.46% from the previous day. Over the past month, Heating Oil's price has risen 11.10%, but it is still 1.60% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on July of 2025.

Graph and download economic data for Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in U.S. City Average (APU000072511) from Nov 1978 to May 2025 about fuels, energy, retail, price, and USA.

The Average Home Heating Oil Prices dataset provides New York residents and businesses with objective information on average residential retail heating fuel oil pricing in New York State and by region beginning September 8, 1997. Pricing data is obtained via surveys conducted by NYSERDA staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon.

The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset.

For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Home Heating Oil Prices Dashboard: https://www.nyserda.ny.gov/Researchers-and-Policymakers/Energy-Prices/Home-Heating-Oil/Average-Home-Heating-Oil-Prices

The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, accelerate economic growth, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

Heating oil price in the United States has peaked in winter 2022/23 at 4.31 U.S. dollars per gallon and has decreased ever since. Heating oil is a liquid petroleum product that is, among other things, used in residential buildings as a fuel oil in furnaces or boilers. Chemically, most heating oils are similar to motor diesel fuels and are often sold interchangeably. Forecast heating price in the U.S. The average price of heating oil in the United States in the winter of 2024/25 is expected to reach 3.44 U.S. dollars per gallon. Energy prices are projected to see a decrease this winter, because of increased production of heating fuels. The number of heating degree days, which are the days in which the average temperature is below 18 degrees Celsius (65 degrees Fahrenheit), also helps quantify the energy demand required to heat a building. What determines heating oil price? Generally, heating oil prices are collected during the heating season between October and March. In the U.S., the greatest determining factor for heating oil prices is the WTI crude oil price. Consumers can lower heating oil bills by considering when they purchase, reducing consumption, and through government assistance programs.

The price of crude oil per gallon can vary widely depending on factors such as global supply and demand, geopolitical events, economic conditions, and weather patterns. Find out what influences crude oil prices and how it impacts the cost of gasoline and other petroleum products.

Graph and download economic data for Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in Size Class B/C (APUN00072511) from Jan 1998 to May 2025 about fuels, energy, retail, price, and USA.

United States - No. 2 Heating Oil Prices: New York Harbor was 2.29200 $ per Gallon in January of 2024, according to the United States Federal Reserve. Historically, United States - No. 2 Heating Oil Prices: New York Harbor reached a record high of 3.56500 in January of 2022 and a record low of 0.39200 in January of 1998. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - No. 2 Heating Oil Prices: New York Harbor - last updated from the United States Federal Reserve on July of 2025.

Explore the factors influencing soybean oil prices in 2023, including supply-demand dynamics, geopolitical events, and biofuel policies. Understand how trade policies, crude oil prices, and technological advancements affect this essential commodity's cost.

Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars.

United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in U.S. City Average was 3.43300 Index in May of 2025, according to the United States Federal Reserve. Historically, United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in U.S. City Average reached a record high of 5.97300 in May of 2022 and a record low of 0.53300 in November of 1978. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in U.S. City Average - last updated from the United States Federal Reserve on July of 2025.

Crude oil is the greatest cost component determining diesel retail prices in the United States. In February 2025, 49 percent of the diesel retail price was set by crude oil costs. That month, one gallon of diesel sold for an average of 3.68 U.S. dollars. U.S. diesel prices have generally stagnated in early 2025. Fuel consumption remains high despite higher prices Diesel and gasoline prices have experienced significant fluctuations over the past decades. In 2024, the average gasoline price stood at 3.3 U.S. dollars per gallon, a decrease from the 2022 peak but still higher than early 2000s levels. Despite these changes, U.S. gasoline consumption has remained high, averaging around 8.5 million barrels per day in 2024, with seasonal variations affecting demand. Tax impact on fuel costs across states Taxes play a significant role in determining fuel prices, with state-level differences creating notable price variations across the country. As of 2023, the average state tax for gasoline was 30.5 U.S. cents per gallon, while diesel faced a slightly higher average tax of 33.15 U.S. cents. These taxes contribute to the overall retail price and are often reinvested in road infrastructure. California, for instance, imposes some of the highest gasoline taxes in the country, reaching 68.1 U.S. cents per gallon in January 2024, which significantly impacts the state's fuel prices.

The Average Residential Retail Kerosene Prices dataset provides New York residents and businesses with objective information on average residential retail kerosene pricing in New York State and by region beginning September 4, 2000. Pricing data is obtained via surveys conducted by New York State Energy Research and Development Authority (NYSERDA) staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon.

The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset.

For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Kerosene Prices Dashboard: https://www.nyserda.ny.gov/researchers-and-policymakers/energy-prices/kerosene/average-kerosene-prices

The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit https://nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the Pacific Census Division was 3.56500 Index in April of 2025, according to the United States Federal Reserve. Historically, United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the Pacific Census Division reached a record high of 5.58400 in June of 2022 and a record low of 2.13500 in May of 2020. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the Pacific Census Division - last updated from the United States Federal Reserve on May of 2025.

The Average Home Heating Oil Prices dataset provides New York residents and businesses with objective information on average residential retail heating fuel oil pricing in New York State and by region beginning September 8, 1997. Pricing data is obtained via surveys conducted by NYSERDA staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon. The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset. For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Home Heating Oil Prices Dashboard: https://www.nyserda.ny.gov/Researchers-and-Policymakers/Energy-Prices/Home-Heating-Oil/Average-Home-Heating-Oil-Prices The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, accelerate economic growth, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

Graph and download economic data for Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the Midwest Census Region - Urban (APU020072511) from Nov 1978 to Jul 2024 about fuels, energy, retail, price, and USA.

United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the East North Central Census Division was 3.89900 Index in May of 2024, according to the United States Federal Reserve. Historically, United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the East North Central Census Division reached a record high of 5.38300 in July of 2022 and a record low of 1.90500 in June of 2020. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in the East North Central Census Division - last updated from the United States Federal Reserve on July of 2025.

As of 2022, crude oil accounted for a 48 percent share of the price of one gallon of residential heating oil in the United States. By comparison, refinery costs accounted for 15 percent of the price of one gallon of residential heating oil.

Learn about the factors that influence the price of crude oil, including supply and demand dynamics, geopolitical events, economic indicators, and weather patterns. Discover how benchmarks and indexes are used to track crude oil prices and how volatility and price fluctuations can impact various sectors of the economy.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Find in-season and off-season pricing for heating fuels, including heating oil, propane and wood price surveys by DOER. Links to electric and natural gas rates also available here.