Did you lock oil price?

[4dimad]

I aksed this question before, I hope more people can give me an advise. I locked the oil price in mid-July when prices were in the $4.50 to $4.60 range. My rate now is $3.99. I already got my first delivery ($670 total) In July, oil was expected to hit around $5/gallon by the end of the year. I called my company and was told that they can't do anything for me and if all customers who locked the price canceled thier agreements and buy oil from the competitors it would put them (my current supplier) out of business, so I have to stay with what I sign for. Do they really pre-purchase oil when people lock the price? Anyway, do I have any other options?

 

[mysticfalcon]

Yup the supplier prebuys at that price. Thats why you need to read your contract. Ours says that if you prebuy and don't use your gallons by june 1 then you lose those gallons and the money you paid for them.

 

[ssupercoolss]

my oil company hasnt let me lock in for a number of years now. they have been running on market value for a while now. but they would still come in the dead of summer to provide me with 42 gallons. i just went on will call with them, since i really dont use much oil. i am going to play the market, i see that codoil.com is down around $3 a gallon for my area.

 

[EricV]

I did not and my dealer is at $3.19 today.

My buddie's sister in Maine locked in at $4.69. The dealer said they already purchased the oil they need based on those contracts but might be able to lower the lock rate in January.

 

[AndrewChurchill]

I locked in at $4.97 back in June and that was the pre buy price. The budget plan was $5.25! I'm regretting it now, but you never know what will happen after the election. I've noticed that for the past several elections gas prices go down before the election and then mysteriously go back up after.

 

[Nofossil]

Prebuy is a gamble for both you and the supplier. I don't like to gamble, so I never did a prebuy.

Actually, I still have 150 gallons that I bought back in 2006 for $2-something a gallon. Tractor fuel now.

 

[AndrewChurchill]

Up until the past couple of years people who pre bought spent less money on HHO. Unfortunately, with the price volatility of the past couple of years it's been the other way around. I wanted to hold off this year but my wife didn't and we all know if Momma's happy we're all happy.

 

[Wayne64SS]

I locked in at $4.97 back in June and that was the pre buy price. The budget plan was $5.25! I'm regretting it now, but you never know what will happen after the election. I've noticed that for the past several elections gas prices go down before the election and then mysteriously go back up after.

+1

I never actually signed my contract for this year thank god. I was on it last year so they were automatically enrolling me this year. I was locked into the budget plan at $5.15 I called and they dropped it to $4.97. Market price was $4.05 at that time. I said take me off your BS plan and give me one tank of oil at market price. I'd told them I'd call if i need anything else. Then they have my cc on file so they usually just bill it an I don't have to deal with it. I checked my statement (because its a debit card) and they billed me twice! I was so mad. I can't wait to get off oil.

 

[stoney28]

That's odd. I live in the North Country region of New York, and when I would lock in with a company they would give a cap that the price could go no higher, but if it dropped you got the cheaper price. Only got same price with a pre-buy, not a lock in. Is it different in most other areas?

 

[CowboyAndy]

I locked in at $4.97 back in June and that was the pre buy price. The budget plan was $5.25! I'm regretting it now, but you never know what will happen after the election. I've noticed that for the past several elections gas prices go down before the election and then mysteriously go back up after.

+1

I never actually signed my contract for this year thank god. I was on it last year so they were automatically enrolling me this year. I was locked into the budget plan at $5.15 I called and they dropped it to $4.97. Market price was $4.05 at that time. I said take me off your BS plan and give me one tank of oil at market price. I'd told them I'd call if i need anything else. Then they have my cc on file so they usually just bill it an I don't have to deal with it. I checked my statement (because its a debit card) and they billed me twice! I was so mad. I can't wait to get off oil.

It rivals the feeling of getting married or the birth of a child...

That's odd. I live in the North Country region of New York, and when I would lock in with a company they would give a cap that the price could go no higher, but if it dropped you got the cheaper price. Only got same price with a pre-buy, not a lock in. Is it different in most other areas?

Wel have never locked in with anyone, so I cant give any helpful advice. I can say that our fuel dealer hasn't locked anyone in for the last few years. You could pre buy, but no caps because of the ups and downs of the prices.

Where in upstate/norrthern ny are you guys? I am in Chateaugay, near Plattsburgh and Malone.

 

[stoney28]

I'm in Schuyler Falls, about 10 -15 minutes from Plattsburgh