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Understanding Fluctuations in the Oil Market

High Fuel Prices Impact All of Us

fuel prices maineWhat a winter it has been. We started the season with concerns about fuel prices because of supply chain issues driven by the pandemic. And those prices were already up by more than a dollar over last year. Now, the ongoing European tensions have shocked the energy markets. Crude oil rocketed to more than $110 per barrel in March.

We’ve been hearing from many of you, sharing concerns about surging fuel prices, but also about supply. We know there are some companies, even in our local area, who haven’t been able to deliver fuel. We want you to rest assured that we are standing by and ready to deliver for you. We’ve been in business for over three decades and have the experience and understanding of fuel markets to plan in terms of supply. More so, we have longstanding relationships with our suppliers and financial partners to ensure operations continue in smooth order.

Still, the market has given giving us quite a ride. Just last month, on March 2, we received notice at night from our suppliers that their prices were going up 20 cents the next day. Then, on March 3, they went up three more times—a total of 60 cents in just 24 hours.

What’s Coming Next?

We don’t know where things will go from here. One thing we can tell you is that we hate this as much as you do. Some people are under the misconception that when prices rise, we make more money. The opposite is true. People cut back on usage. They have trouble paying their bills and our receivables skyrocket. Meanwhile, we must pay our suppliers in just 10 days. We need to borrow much more from the bank. It becomes an awful mess for everyone.

If you’re having trouble paying your bill, talk to us. Many of you have been with us for many years and we will do our best to work with you. If you’re not already familiar, now is a good time to look at our price-protection options. We’ll be offering plans for the next heating season in the next few months. And you can sign up for our budget plan at any time.

No matter what, you can continue to count on Pitstop Propane and Fuels for full-service heating oil and propane delivery—plus home heating equipment services—all over York County and Cumberland County, Maine. Contact us for more information today.