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Oil contract related- did anyone else do this?
DH deals with the company, and over the summer he locked in for $4.49 a gallon.  At the time the prices were high (obviously) and we really didn't know if they'd go higher, or stay high. Now, we know that was stupid. Do we have any recourse?
Thanks.
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Posted 11/15/08 9:17 PM  |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Oil contract related- did anyone else do this?
The only thing you can do is either renegotiate with them or break the contract and pay the fee..which you might earn back with your first fill up, if you figure you will pay $2+ less a gallon now.
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| Posted 11/15/08 9:34 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Oil contract related- did anyone else do this?
I think alot of people jumped into a locked in rate b/c they feared oil prices would keep going up. I agree with the above poster, unless you pay the fee to break the contract I think you may be stuck.
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| Posted 11/15/08 10:19 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Oil contract related- did anyone else do this?
We are stuck also with a very high rate.
We did the math about the cancellation fee vs. just staying with the contract. With the amount of oil we use yearly, it just about evens out. So we're going to not go thru the hassle of breaking the contract. Next year we are not going to renew with a fixed rate. We learned our lesson!
It suxx, but what are you going to do. If the market didn't implode we probably would have made out.
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| Posted 11/15/08 10:24 PM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: Oil contract related- did anyone else do this?
we took a ceiling price of 5.58 back in June. DH called to see if they could do something else and they said we can take a ceiling rate of 3.58 We didnt lock in b/c we wanted to get the going rate which is now low and 3.54 is much better than hitting 5.58!
If you locked in you can always take the termination fee and go somewhere else....or say that you need to terminate but maybe the can negotiate a new price for you. BUt in some cases it will pay of to just cancel
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| Posted 11/15/08 11:49 PM |
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Re: Oil contract related- did anyone else do this?
Thanks everyone- I am going to show this to my DH. 
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| Posted 11/16/08 8:57 AM |
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Chrisnamy
Summer is coming soon
Member since 1/07 3991 total posts
Name:
Amy
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Re: Oil contract related- did anyone else do this?
We broke the contract and paid the cancellation fee.
We felt it was cheaper in the long run just to pay the fee.
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| Posted 11/16/08 10:27 PM |
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