WEEAC
Where gas cannot be supplied, usually in more remote country locations, oil fired central heating is one of the most common systems used. Oil prices can fluctuate greatly and oil requires a large storage tank situated on the property. It is delivered via a tanker at regular intervals in order to ensure there is plenty available to heat the home.
The oil is burned in the boiler and heats the water which passes through the system. The hot water then travels around the central heating system through the radiators to the hot water cylinder.
It has been well documented recently that oil prices have soared to over 140 dollars per barrel. Previously the price was less than 70 dollars per barrel. The reasons for this excessive rise in the price of oil have been due to combination of global factors which have affected the cost, such as:
Many of the major oil companies have not been investing in new oil field production. It takes around 5 to 10 years to reach full production and so this lull has led to the demand gradually outstripping the supply.
Nigeria, one of the world's major suppliers is war torn and its oil production has fallen by around 350 million barrels per day which has significantly affected the market for oil supply.
Energy speculators have also been blamed for scaremongering the market into increasing prices to support the industry.
Oil producing countries have reduced the amount of oil exported in order to conserve enough energy for their own needs
The developing countries such as China and India have become big oil dependant industries which has added to worldwide demand
These are just some of the factors affecting the price of oil and it is a situation individuals in the UK are keenly aware of. Oil pervades every aspect of our lives, particularly petrol for our cars, but for those who have oil fired central heating, prices will certainly be having a dramatic effect on monthly expenditure.
There are however, ways to reduce the amount of heat needed in the home, see our Gas Central heating page for our top ten energy saving tips.
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