(Bloomberg) -- Heating oil prices in New York — already at a seasonal record — jumped by 12 cents this week just as a winter storm is about to hit the region with ice and snow.
New York residents are paying close to $5 a gallon for the fuel they rely on to stay warm during what’s often some of the coldest weeks of the year, latest government data show. That is up by more than $1 a gallon from the same time last year and nearly double from two years ago.
The price hike is hitting as stockpiles of heating oil and diesel languish at record lows in the central Atlantic region. A warmer-than-usual winter so far has blunted heating demand on the East Coast and kept shortages at bay for the past few months.
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