Will Pittsburgh and the surrounding areas get relief on oil and gas prices? One expert said it's unlikely.
As the wars in both Iran and Ukraine continue, it seems we're feeling the impact just about everywhere we turn.
Now, with a chill in the air, there is a real concern about people being able to afford the cost of heating their homes.
The fuel market is turning oil-dependent homeowners into gamblers, with the question being, "Do I buy now, or do I wait?"
How expensive will home heating be in Pittsburgh this winter?
The war in Iran has the Strait of Hormuz sputtering to get oil through, while Ukraine and Russia's war shows no sign of relenting.
"When it comes to home heating oil and diesel, it really hangs on Ukraine and Russia," explained Gasbuddy.com's head of petroleum analysis, Patrick De Haan.
De Haan said Ukraine's effective attacks on Russian refineries have cut off the flow of fuel out of Russia, so if you're using home heating oil, be aware of that fact.
"The reality is it's going to be probably one of the most expensive winters to heat your home," he said.
Some estimates show that what cost $1,500 last year could be upwards of $2,500 this year, and De Haan said that if you heat your home with oil, you're going to want to get to planning pretty soon.
The dilemma, according to De Haan, is when to buy.
"You can lock in your price by filling up your tank now," he said. "The question is, with volatility and geopolitical situations, how much of a gamble is it to buy now versus waiting three months? It's a complete toss-up right now on whether or not something is going to come out of left field and save us from potentially record-setting heating oil prices and diesel prices this winter."
Goods, gas, and groceries impacted by soaring diesel prices
Even if you don't use home heating oil, don't underestimate the impact of soaring diesel prices.
"We're going to pay for it everywhere, not just the grocery store, but every aisle of the grocery store," De Haan said. "Diesel is the fuel that powers the economy, from trains to tractors that are going to be in the field in the next few weeks harvesting crops, to the trucks that are going to transport that food up and down the supply chain. Every good around you generally will touch diesel. Sometimes multiple times in the supply chain."
Those costs get passed down to us, and De Haan said it isn't looking good.
"I don't have any bright spots to shine a light on," he said.
Finally, it also includes the very obvious: the gas pump. De Haan said that the geopolitical moves, like the war in Iran, have wiped out our usual fall reductions in gas prices.
