Heating oil is a distillate that is similar to diesel fuel. Prices for heating oil fluctuate seasonally, with lower prices in late summer and early fall. Heating oil in the US is known as No. 2 heating oil. It is priced in gallons. Prices also vary based on the costs of crude oil, refining, and distribution and marketing. The average price of No. 2 heating oil was 2.90 as of August 18, 2023.
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