NY: Senator Schumer says heating oil prices could double

By Associated Press, 9/17/2000 13:09

NEW YORK (AP) Sen. Charles Schumer said Sunday that home heating oil prices could nearly double this winter unless more oil is supplied to the market.

At a Manhattan news conference, Schumer urged New Yorkers to fill their residential tanks now to avoid expected price increases this winter.

Consumers could pay as much as $2.28 per gallon for home heating oil compared to last year's $1.31 per gallon average price, Schumer said.

As of last week, the residential price of home heating oil was $1.59 in the city, 2 cents higher on Long Island and $1.41 in the rest of the state.

Schumer reiterated his call for the Clinton administration to release oil from the nation's strategic reserve in order to stabilize prices.

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-- Carl Jenkins (Somewherepress@aol.com), September 17, 2000

Answers

You've got to wonder just how much cooling down of the hot oil market will be achieved by such a move as a release from the SPR. Not very much -- I would think. It's a bandaid.

-- RogerT (rogerT@c-zone.net), September 17, 2000.