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UPDATE 1-US heating oil price hits record for 7th week-Govt
November 21, 2007 / 7:12 PM / 10 years ago

UPDATE 1-US heating oil price hits record for 7th week-Govt

(Adds highest and lowest heating oil prices by state, government forecast for winter heating oil prices)

WASHINGTON, Nov 21 (Reuters) - The average U.S. retail heating oil price increased 0.7 cent over the last week to a record $3.21 a gallon, the government said on Wednesday.

The national heating oil price is up 83 cents from a year ago and set a record high for the seventh week in a row, the U.S. Energy Information Administration said in its weekly survey of heating fuel costs around the country.

High residential heating oil prices reflect expensive crude oil, which for U.S. oil hit a record $99.29 a barrel on Wednesday, and tight petroleum supplies heading into the winter.

U.S. heating oil inventories fell 1.3 million barrels last week to 46 million barrels, and are 17 million barrels less than this time last year, the EIA said.

Households in Washington, D.C., paid the most for heating oil at $3.52 a gallon, up two cents from the prior week. The next-highest prices were in New York at $3.33, New Jersey at $3.30 and Michigan at $3.26.

The lowest price for heating oil was in Nebraska at $3.01 a gallon, up half a penny, followed Kentucky and Iowa at $3.09 and North Carolina at $3.10.

Households in the Northeast that use heating oil will pay a record $3.06 a gallon on average for the fuel this winter, up 66 cents from last winter, according to the EIA.

Heating oil costs in the region, where one out of three households burns the fuel, are forecast to average $1,879 for the winter, up 25 percent from last year. (Reporting by Tom Doggett; Editing by Christian Wiessner)

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