To lock in or not to lock in, that?s the question for Connecticut homeowners wondering if they should sign fixed contracts with home heating providers.Oil prices have dropped considerably over the past three weeks, leaving some consumers wondering if they should wait for the market to drop even lower before signing on the dotted line. Experts say the price of oil is plummeting because of a turn in world events resulting in more stable oil supply routes. These same experts caution that the situation can change at any moment, driving costs up.At DeVine Brothers, a home heating and oil delivery company, homeowners can lock in at $2.89 a gallon until September 20. Owner Mike DeVine says customers who opted to lock in saved more money overall last year than those who rolled the dice. Brad Cosgrove of Norwalk isn?t locking in for the second year in a row. He says he?s willing to take the risk of a fluctuating market to pay lower prices now. He buys his heating oil from a Web site that?s selling oil for $2.26 a gallon. Cosgrove says he did $700 better over the winter season last year than friends of his who locked in.
Related information: Independent Connecticut Petroleum Association Price Energy