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Heating oil prices have reached record highs, prompting concerns for households, particularly in the Northeast, as winter approaches. The average heating oil bill is projected to be $2,627, a 50% increase from the previous year.
A global diesel shortage, exacerbated by conflicts in Ukraine and Iran, is unlikely to ease before next year. US diesel inventories are at a record low for this time of year, and the EIA forecasts them to remain below 100 million barrels through 2026 and into 2027.