What's with the price of oil?

It's no secret it's been a crazy year for oil prices.  Pricing has been on a roller coaster for the last year and a half and although there are many reasons for the great range of pricing, the bottom line is we are producing more oil than there is demand for it.  Even with a drop in oil production here in the United States, other countries, like Nigeria and Saudi Arabia, have increased their production to the tune of 1.53 million barrels  up 90,000 a day from June in Nigeria, and 70,000 barrels a day in Saudi Arabia to 10.33 million barrels last month.  Our refineries are operating at full tilt with oil imports flooding the east coast to the point where ships are being turned away due to a less than robust demand.  Other projects like Chevrons Tengiz Expansion in Kazakhstan which promises to produce 260,000 barrels a day will likely effect pricing. In addition, political and social upheavals in oil producing countries and regions also will continue to effect pricing and supply.  All in all it should be an interesting summer and upcoming heating season.  Keep checking back with Industrial Fuel's website for current pricing.  Keep in mind that in this market with oil pricing fluctuating so wildly, and at record 12 year lows, a fixed rate contract may not be the right choice.  We offer an Automatic Delivery program with no long term contracts or cancellation fees!!