“It isn't even cold, and prices were much higher than they were a year ago, and I’m afraid when it gets cold, those prices could go up a lot more," said Phil Flynn, an analyst at Price Futures Group.
The latest price for residential home heating oil in Pennsylvania was $5.86 a gallon.
“They’re going to spend about 45% more this winter than last winter," said Matt French from Energy Information Administration.
According to experts, the US has about a 26-day supply of heating oil to draw on.
“Normally that cover ratio is about 35 to 40 days so we’re well below where it means to be comfortable," said Flynn.
Higher heating oil prices and a slightly colder winter are causing the spike. However, experts remain hopeful.
“We know prices are high, we know supply is tight, but don’t panic. Don’t hoard supply, if you don’t need it. Because I think we’re going to be able to get through this winter if we don’t see hoarding," said Flynn.