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U.S. heating oil price hits high for season-govt

Thu Nov 5, 2009 2:47am IST
 
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* High heating oil price due to rising crude oil

* Avg heating oil price up 23 cents since Oct. 1

* Washington, DC, has highest price, Nebraska cheapest

By Tom Doggett

WASHINGTON, Nov 4 (Reuters) - The U.S. average residential heating oil price reached its highest level so far this heating season, the Energy Department said on Wednesday, thanks mostly to expensive crude oil.

The nationwide heating oil price increased 1.2 cents over the last week to $2.73 a gallon, down 25 cents from a year ago, according to the Energy Information Administration's weekly survey of heating fuel costs around the country.

Heating fuel prices have risen 23 cents since the U.S. heating season began on Oct. 1 due to high crude oil prices, which represent about 60 percent of the cost for heating oil.

Expensive crude oil is pushing up prices for refined petroleum products across the board, as the retail costs for gasoline and diesel fuel also hit highs for 2009 this week.

The price for crude CLc1 topped $81 a barrel in Wednesday trading at the New York Mercantile Exchange.  Continued...

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