Oil Prices Hit Four-Year High

OIL PRICES HIT FOUR-YEAR HIGH

Oil prices have hit a four-year high of over $81 (£62), the BBC reports.

 
  Source: www.nasdaq.com 26th Sep 2018

Source: www.nasdaq.com 26th Sep 2018

 

Brent crude oil hit its highest level since November 2014 at $81.16 a barrel, which was a 3% increase on that day alone.

The raw price of oil is a significant factor in the price of heating oil and so this news indicates that heating oil prices are also likely to continue their recent upward trend.

What does that mean for Homeowners using Oil?

If you use an oil fired boiler to heat your property, unfortunately these oil prices will affect your heating bills and increase the amount it costs you to heat your home.


Now is the time to switch to Heat Pump technology

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Further rises in oil prices means there has never been a better time to invest in a Heat Pump which will dramatically reduce your heating bills by delivering 3-4 kWh of heating for every 1kWh of electricity consumed.

At the current prices of heating oil, the cost per unit of heat delivered is significantly lower for Ground Source Heat Pumps compared to fossil fuels, as much as 50% cheaper than Heating Oil.

Contact us now to find out what type of Heat Pump would be most appropriate for your property, how much you could save on your heating bills, and how much you will receive in Renewable Heat Incentive payments for doing so. Act now and you could have it installed and operational in time for the next heating season.