Can the Price of Oil on Long Island Hit $4.00 Per Gallon

Posted on: September 19th, 2016 by Oil Prices

If you’re looking into fuel oil for your home, price is probably at the forefront of your mind, but is it going to rise? Some people tend to think so at this point in time. The oil industry is always in turmoil of one form or another and as such there are more than a few people who worry for the future of the price of oil on Long Island.

There is an old saying about ‘borrowing trouble’, but in this case those projects and concerns might actually have a bit of merit. There is one analyst, Zev Spiro who believes that we could be heading straight toward a future where oil costs $70 per barrel, which is a pretty grim future to say the least.

Zev Spiro on the Future Price of Oil on Long Island

Spiro has states, almost definitively that the rise in prices is not something that is being ‘sprung’ on us at the last minute. In fact, he makes it clear that the change has been building up for the last year, pointing out that much if it began in July 2015. The patterns definitely indicate the potential for a change, or more accurately an upward inflection. This statement, however, is not made in an absolute sense. Spiro made the following statement to CNBC:

“This large complex bottoming pattern could trigger a confirmed move above the horizontal neckline in the $50-$51 area, This would signal a primary uptrend with a minimum expected price objective in the $73 to $76 area.”

Price of Oil on Long Island

The Calm Before the Storm with  Heating Oil on Long Island

You’ve surely heard of ‘the calm before the storm’. It’s an old nautical term that still has plenty of relevance today. Essentially referring to a calm period that occurs just before trouble breaks out, much in the same way the seas are calm just before a major storm. Spiro has stated that the increase in price might come right after several short term losses for the oil industry, and Spiro has certainly shown plenty of evidence to support this theory. It would be unfortunate for consumers, but investors would definitely be pleased to see this potential development become a stark reality.

Get Cheap Oil on Long Island

Finding cheap oil on Long Island isn’t always the easiest thing in the world but it’s not impossible, even with the impending hike in market prices. Oil traded on Friday morning for around $47, and for the moment, it’s remaining pretty steady, which is definitely good news for the consumer.

That being the case, you can continue to heat your home with COD Oil and other sources without a considerable issue. The change will come slowly, and there is definitely a chance that it will decline given enough time.

Oil Price in Nassau County – Call 516-986-2293

Oil Price in Suffolk County – Call 631-714-2999

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