Oil slips below $100
NEW YORK — The price of oil slipped back below $100 a barrel Tuesday as the new head of the U.S. Federal Reserve promised to maintain the central bank’s approach to monetary policy.
Meanwhile, the Energy Department provided some estimates of how much the harsh winter is boosting Americans’ heating bills, particularly for the nearly 3,000 homes that use propane.
Benchmark U.S. crude for March delivery fell 12 cents to $99.94 a barrel on the New York Mercantile Exchange. On Monday, oil had its first close above $100 since Dec. 27.
In a report issued Tuesday, the Energy Department estimated how much Americans will spend this winter to heat their homes:
•Households using heating oil will pay on average 3.4 percent more this winter, or about $2,164.
•The average cost for natural gas users will rise nearly 8 percent to $649.
•Propane prices spiked because the cold winter boosted demand.