Oil prices have yet another reason to remain elevated as cold winter weather and refiners struggle to keep up with the rising demand for heating oil and diesel. Heating oil hit $2.83 per gallon, its highest price in seven years, as harsh winter storms affected large portions of the country. Demand for heating oil should drop off as winter comes to an end, but if oil prices remain high then fuel prices will still remain elevated. Supplies of diesel and heating oil in the United States have dwindled as refiners are having trouble replenishing the domestic fuel supply this winter, which may keep oil prices elevated for months.Heating oil futures reached $2.83 per gallon at the market’s close on Feb. 4, the highest price in seven years. U.S. and global benchmarks for crude-oil futures hit above $90 a barrel, as a harsh winter storm affected large portions of the […]