Getting Answers: rising costs of oil and propane | News


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SOUTH HADLEY, MA (WGGB/WSHM)—Wednesday felt like spring and Friday we could see up to a foot of snow, which likely means your heating systems are being turned back on, but at what cost?

The prices of oil and propane increasing this winter and now only going up following Russia’s invasion of Ukraine.

We’re getting answers on how the rise in cost is hitting your wallet.

“The significant jump really puts an impact when somebody orders 100 gallons of oil and last year they paid $1.80 or $2 for and this year they’re paying $4 for it,” said Stephan Chase, president and CEO of FSI Oil and Propane.

Cost increases across the board this winter from gas and electric bills to oil and propane.

The CEO of FSI Oil and Propane in South Hadley Stephan Chase told western mass news this year alone oil prices are at a 200 percent increase and propane at a 100 percent increase since last winter.

“Our propane customers has grown significantly over the past three or four years…I think primarily it is because people look at propane is being a environmental cleaner fuel. a lot of people have looked at what has happened in the oil market and had decided to make a change,” said Chase.

Russia’s invasion of Ukraine directly impacting your wallet, Chase said he hasn’t seen prices this high since 2014.

“It’s going to be a major impact. It’s going to impact our delivery from the standpoint of the prices are rising. it’s going to impact our customers because they are going to end up paying more, and it is going to end up impacting the total economy,” said Chase.

His best advice as prices continue to rise is to pre buy if you are able to estimate how much fuel you use, but he stresses the answer is not to panic

“The main thing I would say to people right now is don’t panic. Don’t call your company and ask for immediate delivery because you know the price is going to go higher because the price could fall tomorrow,” said Chase.

Chase said within a matter of hours this morning the price per gallon jumped from a seven cent increase to 25 cents and there is no telling where prices will go next.

Copyright 2022. Western Mass News (WGGB/WSHM). All rights reserved.

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