UK oil giant BP is preparing for long-term low oil prices by cutting costs and selling assets. Bob Dudley, chief executive of BP, said in a statement: “Last year, we acted decisively to reset BP for a sustained period of lower oil prices and the results are coming through well. We are now in action to rebalance our financial framework in this new price environment.”

Home heating oil buyers are taking advantage of the lowest oil prices in 6 years. 100g of home heating oil currently goes for around $1.80/g or less. Compared to last year, prices are half of what they were. And while it may have made sense to switch to natural gas before, now things are certainly changing. Home heating oil buyers are expected to pay the same or even less if using oil heat versus natural gas. That’s because oil heat produces more heat than natural gas and the price is very much the same. In addition, converting to natural gas can cost thousands of dollars and it would be difficult to justify that cost when heating oil is cheaper and expected to stay that way until at least 2017.