Residential
heating oil is also referred to as fuel oil. It is a middle
distillate petroleum product and is similar to jet fuel and kerosene.
In the past few years, fuel oil and diesel were considered to be
identical. The same refined petroleum product was procured andsold
through gas stations as highway fuel and as heating oil by dealers.In
the present scenario, residential heating oil is considered to be
different from highway fuel for two main reasons: firstly, in 1990s,
the U.S. Environmental Protection Agency (EPA)has passed a regulation
that diesel oil used for transportation purpose should have a sulfur
content of less than 500 parts per million. However,for heating oil,
sulfur content was kept in the range of 2,000 ppm to 2,500 ppm.
Further,the highway fuels are taxed on per unit price by both federal
and state governments, in order to raise revenue and to provide
funding for highway trust funds. Since heating oil is not taxed on
the same lines as that of highway fuel, it is dyed in cranberry red
color to differentiate it from highway fuel.
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The
heating oil industry has a vast experience of supplying heating
products and services especially in the United States. In 1940s, oil
acted as a substitute for replacing coal as primary heating source in
the U.S. As compared to coal, oil was less expensive, cleaner and
highly efficient. For these evident reasons, it has been widely
utilized in the United States and throughout the world. Majority of
the companies that were in the business of selling coal and ice,
starting becoming retailers of heating oil and eventually the
industry started growing at a healthy rate.Huge proportion of these
oil businesses were family-owned and have been in existence over the
years. Due to this characteristic, the heating oil industry occupied
a unique position in the U.S. market.
While
reducing the sulfur content in highway diesel, a slight impact was
made on the sulfur content in heating oil. As per the designated
industry standards 5,000 ppm was considered as the top line for
sulfur in heating oil. The average stocks for heating oil tend to lie
in the range of 2,000 ppm to 2,500 ppm. This is majorly due to the
spillover effect from refining of highway dieselas refineries
manufacture heating fuel and transportation diesel by the same
processes. The sulfur content in oil, then primarily depends on the
place where the process was carried out.
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In
the present scenario, refineries produce low sulfur diesel fuel that
meets all the parameters laid down by Environment Protection
Agencyespecially for transportation usage. Since heating oil and
diesel is essentially the same product, dealers are taking the
advantages of selling the low sulfur fuel as heating oil. Currently,
heating oil must contain less than 0.5 percent sulfur to comply with
ASTM standards. However, the difference in price of oil and low
sulfur oil is considered to be very less. Ifdemandfor low sulfur fuel
oil increasesat a healthy rate the price differential should be
reduced to zero. The analysis carried out by regulating authorities
compares low sulfur heating oil and traditional heating oil in many
areas such asquantity of residue deposited,air pollutant emissions,
estimated environmental impactsand costs associated with equipment
maintenance.
Stringent
environmental rules and regulations and strict government norms of
various countries are some of the key drivers of the low sulfur fuel
oil market. However, less knowledge among people regarding low
sulfurfuel oil can hamper the growth of the market in the near
future. Advancements in technology bring new opportunities for low
sulfur fuel oil market.
Some
of the key companies in the business of low sulfur fuel oil are Neste
Oil, Exxon Mobil Corporation, Marathon Petroleum Company LP, R.W.
Davis Oil Company, Whiteley Fuel Oil Company, Lehigh Fuels
LLC,Chevron Corporation and United Metro Energy Corp.
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This
research report analyzes this market on the basis of its market
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