Home heating oil prices drop, to delight of homeowners

PHILADELPHIA (WPVI) -- There's no doubt many of us are compensating for the dropping temperatures outside by cranking up the temperatures inside.

As we learned last winter, keeping your home toasty can be a real budget-burner.

That is, except for those using oil heat. The dropping price of home heating oil has phones ringing off the hooks at local suppliers.

Over the last six months, the drop in heating oil prices has mirrored the drop in gas prices.

"Right now, homeowners are saving approximately $1.20 per gallon," said Daniel Duffy of D.E. Duffey and Sons.

"Last year, customers called and asked 'how much?' and we would give them a price and they would wince. This year they're happy," said Marc Antico of Oil Patch Fuel Corp.

Danielle Carson didn't wince today after buying 100 gallons.

"Way better than last year," Carson said. "It was brutal to call the companies last year because oil was just vicious, it was outrageous."

Dan Duffey's firm was started by his grandfather in 1898. The drop in prices, he believes will, help the economy by leaving more money in consumers' pockets.

"The price dropping helps everyone in the long run," he said. "It's giving them extra income to spend on something else, it will help drive the economy."

As for other sources of heat, PGW customers are paying about 4 cents less per cubic feet, but PECO customers are paying 3 cents more per cubic feet.