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NYS: LI Heating Oil Prices up 7-Cents in One Week

NYS: LI Heating Oil Prices up 7-Cents in One Week
Albany - (WALK) Wouldn't you know: Just in time for a cold snap, heating oil prices are up 7-Cents per gallon since a week ago.The average price for a gallon of home heating oil purchased from full-service distributors on Long Island this week is $4.23 per gallon, according to New York State's Energy Research and Development Authority. Roughly 66 percent of households and businesses in Nassau and Suffolk are heated by oil.The reason for the price jump, the biggest since October of 2011, is rising demand because of the cold, and a fall-off in supply caused by reduced output at three Northeast refineries, said state officials. The federal Department of Energy confirms: Inventories of home heating oil on the U.S. East Coast are estimated at about 22 million barrells, a drop of 14.7 percent from last week.Industry analysts say prices could continue rising next week, but are expected to fall as oil shipments arrive from overseas in February.
 

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