Consumers weigh breaking lock-in home heating oil contracts

There are 20 comments on the NewsTimes.com story from Oct 29, 2008, titled Consumers weigh breaking lock-in home heating oil contracts. In it, NewsTimes.com reports that:

With oil prices dropping, hundreds of consumers are contacting state Attorney General Richard Blumenthal about getting out of contracted lock-ins with their local oil companies.

Join the discussion below, or Read more at NewsTimes.com.

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Brian

Southbury, CT

#2 Oct 29, 2008
Just dont pay, buy your oil COD somewhere, they cant sue everyone.
Larry Gallo

New Milford, CT

#3 Oct 29, 2008
I find it hilarious how people who are locked in these contracts are now crying going to the Attorney General and wasting the state's time and money because of a mistake they made.

It's just like if oil prices did double instead of drop from the summer and they were twice as much now, do you think those people would be complaining now? No...What about people who didn't lock in contracts...?? Would they be going to the Attorney General and complain that they're paying twice as much when they could've locked a great price during the summer....

You can't have it both ways. You locked in, you snooze. Sorry, but you shouldn't be putting the blame on others and wasting other peoples time on this.
Annie Emuss

New Milford, CT

#4 Oct 29, 2008
How about talking to consumers? I'd rather hear their stories.
Inspector Blore

Plattsburgh, NY

#5 Oct 30, 2008
If the oil prices went up 400% would the oil companies be able to renegotiate the contracts? If they even tried to do so all these people would be complaining that "contracts" shouldn't be broken.

You can't uphold a contract when it works in your favor and ignore it when it doesn't.
m320753 xom

New Fairfield, CT

#6 Oct 30, 2008
people have to realize what locking in oil prices means. you basically bet that oil is going to be higher than what you locked in with you supplier. a lot of you locked in early when oil prices were at their peak, some like myself looke at the falling prices and locked inlater when oil was quoted at a much lower price than it was in august.. now if the price went to (and still could) reach $4.50-$5.00 a gallon you wouldn't renegotionate with your supplier would you. it's just like gambling at the casino, there not going to give you money back just because you bet poorly. same with oil you bet poorly
Driving around

New Milford, CT

#8 Oct 30, 2008
Oh my god .You made the deal now you want out. Grow up . that is what is wrong with all of america .Blumenthal is unable to do anything correct. How about send Blumenthal a cancelation notice? Please note the oil Small business men have already paid for the oil .
whoknew

Farmington, CT

#9 Oct 30, 2008
I called around for prices and every single company told me they didn't know how to tell people to proceed. I ended up choosing to stay with Mitchell who has a cap on their price, if you goes lower you pay the lower price. My cap is high 4.89 but it doesn't look like I will have to pay that amount at this time. I just hope they take a look at my payment schedule. I was paying $129 a month last year and based on predictions I am paying $340 now. At this rate I will have some credit at the end of the year!
rexlex

Scarsdale, NY

#10 Oct 30, 2008
self-ownership or self responsibility....whatever you want to call it..many AMERICANS no longer have it...thats one of the reasons we are where we are with the economic crisis.....

its the classic liberal mindset (the government will fix everything when YOU make poor decisions)......

those of you that locked-in to the oil prices OBVIOUSLY did not do your homework......its a contract...you are in it....pay up.....
oh please

United States

#11 Oct 30, 2008
I broke my contract with Jennings. Was more cost effective and now I am just buying as I need it. In addition, I will never buy from Jennings again. They didn't want to help a long term customer..so now they are out future business from me. Have to look out for yourself in this economy, just like the oil companies have to look out for themselves.
close the book

United States

#12 Oct 30, 2008
The article STATES::Predicted Prices..did a letter arrive to customer's offering such a prediction(from the reailers)..??..//.if so that should offer a change in the contract--not really that you can BREAK-your-Contract..but if the RETAILER offered a statement about PRICES--and this never came about--it becomes APPLES-4-ORANGES.
palace ghost

Oakdale, CT

#13 Oct 30, 2008
Buying your oil by calling around helps only with your per purchase price, but what happens when you need a repair in the middle of the night? You'll be left out in the COLD. It's best to develop a relationship with your oil provider.
close the book

United States

#14 Oct 30, 2008
...and there has been proof of Oil Company--outlandish RIP-OFFS..what can a consumer do..??..//..it does seem apparent that the customer "might be getting ganged up on"..with these PRICES jumping all about(up&down)..the best possibility is to start your own OIL COMPANY--and get away from the CRONY-ism of gang business practices..//..it does seem realistic that Connecticut has a "cheap" shot in its business strategies..the customer should inform more about the way its being treated--and keep records.[end]
Glad

Brookfield, CT

#15 Oct 30, 2008
I'm just glad I don't heat my home with oil and have to deal with this caca.
Who Is Best

Boston, MA

#16 Oct 30, 2008
How would you rate the local home heating oil companies that serve Danbury, taking into consideration;

1. pricing,
2. annual burner cleaning contract,
3. service,
4. emergency service,
5. courtesy.

Since: Aug 08

Newtown

#19 Oct 30, 2008
We have turned into a nation of crybabies? I speculated on my mortgage and am now under water - please bail me out! I assumed that oil prices were going to rise and I locked in - I was wrong and am now paying more for oil - please release me from my contractual obligations. I dropped my pizza and it fell face down - let me sue the pizza maker for creating an unbalanced pizza and God for creating gravity. Grow up!
close the book

United States

#20 Oct 30, 2008
Don't be the "creamy filling"..be the BALL..Hello BALL..//..paperwork is the only answer.
Sore Losers

Fort Lauderdale, FL

#21 Oct 30, 2008
Gambling on future prices of oil by plus or minus is a form of professional gambling and is no different than the stock market.

When you lose half of your $$$ in the stock market, do you actually think you are going to get your money back?

Wake Up.
Villa

United States

#22 Oct 30, 2008
For whoknew, just call Mitchell and have them lower your monthly budget payment. They will do it.
WHHAAAHHH

East Hartford, CT

#23 Oct 30, 2008
I prebought 2 years ago and the price went down. Last year, I did the budget plan with Mitchells and had a cap. This year, again, I decided to do the budget plan with a cap with Mitchells. Thankfully the price is dropping so whatever the price is the day my oil gets delivered is the price I will pay. If it goes higher than the cap, I will only have to pay what my cap is. It is what it is. I have been very pleased with the service I get from Mitchells and feel they are a fair company to deal with.
tilden

Duncan, SC

#24 Oct 30, 2008
Best thing to do lock in a flex rate with a cap. I locked in with petro my cap is 4.77 over 3 years I will never pay more than that price.But I will always get the lower price for oil. This year it worked went from 4.50 in august to 3.50 now and will continue to fall.And always pay for what u use never do a monthly plan it is a rip off

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