Westwood, MA (June 25, 2014): Gray, Gray & Gray, LLP Certified Public Accountants, Westwood, MA (www.gggcpas.com) has released the results of the firm’s 23rd annual Oilheat Industry Survey. The survey was distributed to retail fuel oil and propane dealers throughout the Northeast and Mid-Atlantic regions of the U.S.
“This year’s survey results reflect the positive effect of a long and cold winter. Oil sales and margins were both up and customer lists are growing at an increasing rate. I am thrilled to see this upward trend, but many challenges still face oil and propane dealers and they need to be addressed for companies to remain viable,” said Joe Ciccarello, CPA, managing partner at Gray, Gray & Gray.
Some of the highlights of the 2014 Gray, Gray & Gray Oilheat Survey results include:
- 48% of respondents report an increase in the number of customers their company serves, up significantly from the 31% who reported customer growth in 2013.
- 32% of dealers report losing customers to gas conversions, continuing a trend of slowing losses to pipeline gas utilities. In 2013, 41% reported losing customers to gas, which was down from a high of 74% reporting customer loss to gas in 2012.
- Sale of residential heating oil was up almost 3% over last year, and the average margin was up 3 cents to $0.63 per gallon.
- Despite all the attention focused on the potential burdens imposed on businesses by the Patient Protection and Affordable Care Act, 98% of respondents say it will not affect them (61% won’t change their health care plan, and 37% have fewer than 50 employees and are exempt).
Complete oilheat survey results are available on Gray, Gray & Gray’s web site at: www.gggcpas.com, or by calling (781) 407-0300.
Gray, Gray & Gray, LLP is the country’s leading oilheat and energy industry accounting and business advisory firm. Gray, Gray & Gray’s offices are located at 34 Southwest Park, Westwood, MA. The firm also has offices in Framingham and Boston, MA.
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