The war in Iran means sticker shock for consumers who buy oil for heat and hot water.
The average cost of heating oil in New York is 11% higher than a year ago.
How local oil companies and consumers are coping
The violence of the war is distant — on the other side of the globe — but the volatile impact is felt here on the home front as prices continue to bounce up and down.
“The price last week was almost close to $6 a gallon in some cases, back down to around $4.83 right now,” said Jay Daniels, of Pinstripe Fuel Oil.
Daniels told CBS News New York he’s working with customers, including one who locked in a price on Monday as costs were rising.
“She called us back today said, ‘Listen, I know the price dropped 60 cents since Monday. Can you help us out?’ I said, ‘Absolutely, we’ll give you the price from today since we didn’t make the delivery yet,'” Daniels said.
Delivering oil on City Island, Pinstripe Fuel Oil employee Terrell Doctry said the war has homeowners and tenants nervous.
“They’re a little, you know, shaky,” Doctry said.
Janie Ferris said she ordered the minimum, 100 gallons, even though her tank can hold more.
“Just a partial for right now. If I need again, I can get it in the summer after the war,” Ferris said.
IEA to release 400 million barrels
The International Energy Agency, or IEA, a Paris-based organization that provides policy recommendations, analysis and data on global energy, has agreed to release a record 400 million barrels from its stockpile to help with supplies. This as few tankers and other ships are venturing into the Strait of Hormuz, a maritime chokepoint under threat from Iran.
The announcement came Wednesday, the same day Iran reportedly attacked a cargo ship.
That’s another reason why companies like Pinstripe Fuel Oil are warning customers that prices can spike at any time.