As we bid farewell to winter and prepare to say hello to spring, The New York Times reports that the oil industry is in its deepest downturn since the 1990s. While this is bad news for oil companies, it's good news for consumers. The experts at Monroe Oil Company, a Rochester, NY, company that offers this market assessment for the coming spring:

• Fuel Oil Prices Have Fallen More Than 70% Since June 2014: This has created a challenging environment for oil companies. An estimated 250,000 oil workers have found themselves out of work in the aftermath of plunging prices.
• Domestic Oil Production Has Nearly Doubled Over The Past Several Years: As a result, foreign oil that was once sold in the United States is now being shopped to other countries. This market glut has compelled producers to lower fuel oil prices.
• Demand Is Lagging: Oil demand in Europe and developing countries has been light due to current economic weakness. Also, vehicles are becoming more fuel-efficient, which further lessens demand.

• Households That Use Oil Heating Are Experiencing Huge Savings: While the drop in fuel oil prices has been hard for many, consumers have benefited in a big way from the weak market. Lower fuel oil prices mean that households that use oil heating for warmth are seeing significant fuel savings.

Serving Rochester, NY, and surrounding areas since 1901, Monroe Oil Company provides high-quality house heating oil and oil tanks for homes. Regardless of the weather, the company will deliver house heating oil to your doorstep seven days a week, and same-day service is available. Customer service is a top priority, and the company will monitor your oil usage and send convenient reminders when it's time to restock. Call (585) 244-4080 to place an order, or visit Monroe Oil Company online for further information.