Heating oil contracts, signed at peak, now haunt buyers

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Some New England residents who pre-bought heating oil or signed price cap contracts for the fuel in June or July are regretting that now.

Oil prices averaged more than $4.50 a gallon around the region in June and July, the traditional time for locking in supplies – and prices – for the following winter.
But since then, prices have dropped by more than 25 percent, making many of those contracts signed last summer look like a bad deal.

Despite that, state officials say consumers are stuck and will be required to honor contracts.

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