Energy Saver News; WattBusters - Oil Be Home for Christmas - Energy Spike for Home Heating Expected

Oil prices topped the $52/barrel mark on October 7th and then over $54/barrel on October 11th taking us into record high territory. Concerns that heating fuel supplies may prove inadequate for the upcoming winter may be the main reason. Heating oil stocks were down 1.2 million barrels to 51.2 million barrels in the week to October 1st, which is 6% lower than a year ago. Normally, inventories rise at this time of the year in preparation for the cold winter months.

Hurricane Ivan is taking much of the blame. Ivan held U.S. crude production down to the lowest level since 1950 and disrupted refinery operations along the Gulf Coast. Offshore platforms in the Gulf of Mexico are producing about 478,000 barrels less per day of crude (a 28 percent drop) due to storm damage and industry executives estimate it could take 45-90 days to restore supplies. That would take us to mid-November at best and early 2005 as the worst case scenario. As of October 1st, Gulf Coast refineries were still working at only 89 percent of capacity.

The OPEC story does not seem much brighter. A senior OPEC delegate said the cartel stands ready to boost oil supplies still further, but with the cartel already pumping at a 25-year high, only top oil exporter Saudi Arabia has production to spare.

Oil from Nigeria also remains a concern with threatened disruption of oil production and strikes by their oil unions.

All the above stuff sounds bad but here's the skinny... Be smart. There are all kinds of things you can do to minimize your home heating costs. Prep your home for winter now. It makes no sense to pay top dollar for home heat and then waste it or let it escape outdoors. If no one is home, turn your thermostat down or invest in a programmable thermostat. If you have an unused room, shut the heat vent. Kids - In or out. Don't let them prop the door open. Seal doors and windows. If you have single-paned windows, use clear plastic to stop leaks. Hang heavy drapes on windows that are facing the 'windy' side of your house. Check outlets to see if you have escaping air. Dress for the season. You'll get colder when you run around in your underwear. Cover the opening to your attic with a piece of insulation. Change or clean your furnace filter.

Oil prices may be out of our control but managing how we use energy is still in our hands. With oil prices solidly over $52 per barrel, a little awareness, forethought and action concerning your home heating may allow you to save enough to vacation in a tropical paradise this winter. But then again...