Volatile Oil Prices
Sent to customers Tuesday, March 8
Dear Tracey Energy Customer:
Just six days ago, we sent you a note because we were “experience[ing] truly unprecedented oil price volatility not seen in almost 15 years.” Today, we make that statement again as prices have surged 22 cents more Monday and over 50 cents Tuesday with the announcement of the United States’ decision to stop purchasing oil from Russia.
Even though the US purchases a relatively small amount of oil from Russia, this puts us all in a challenging position: We are doing our best to manage the price increases we are receiving from our suppliers and be as open and transparent with you as we can; you may be faced with significant price changes. If you are a fixed/capped price contract customer, you are protected from these increases, and if you had your oil tank refilled in recent weeks before these price fluctuations, you may have enough fuel for the rest of the heating season.
We continue to navigate this situation day by day. The US will be releasing additional oil reserves and will need to find alternative oil suppliers to meet national demand and stabilize prices, and that might take a while.
In talking with many of you, it is clear you understand the situation and we appreciate the overwhelming sentiment that we are in this together. In the meantime, we are turning the corner towards spring with warmer weather on the horizon. For now, adjust your thermostat if you are able and, longer term, consider whether you might need better insulation in your walls or it’s time to upgrade to more energy-efficient windows or heating system equipment. These kinds of investments usually pay for themselves within a season.
We are grateful for your continued support and remain committed to providing you with warmth and comfort, especially during these trying times.
Sincerely,
Jennifer Tracey-Carlo and Ralph Carlo
Co-owners, Tracey Energy Systems
