High home heating oil costs zap consumers

heating oil
John Cody from MacFarlane Oil delivers heating oil to a home October 19, 2007 in Boston, Massachusetts.
Getty Images/Darren McCollester

Natural gas is a bargain right now compared to home heating oil. The average price for people using natural gas this winter is $671, versus $2,383 for people using heating oil, according to the U.S. Energy Information Administration.

But why is there such a dramatic difference in price?

Rebecca Jarvis explained on "CBS This Morning" that heating oil is subject to the same factors that drive oil prices up, such as uncertainty in Europe, concerns about Iran and also refineries closing.

So should you make the switch to natural gas or some other heating method, such as electricity? And how can you cut your heating costs without dishing out money to revamp your home? Check out Jarvis' analysis and tips in the video above.