10 most frequently asked questions on Fixed Priced Programs.
Is it really a contract?
Yes. We agree to supply a specific number of gallons to a specific location at a pre-determined price for a limited period of time with a beginning date, expiration date, and specific payment terms. It is an agreement. It is a contract, and parties (both oil dealers and consumers) that breach have been found liable and subject to fines in U.S. courts. Customers are obligated to accept delivery and pay for the oil they order in accordance with the terms of the contract.
What happens when the contract expires?
Your account remains on automatic delivery until you request a change in your delivery status. After the locked-in rate has expired, we continue to deliver fuel to your house at our prevailing daily rate until another price agreement is signed.
What happens if I run out of fixed price gallons before the contract ends?
After we have delivered the quantity of fixed price gallons you ordered, your account will remain on automatic delivery, and oil deliveries will be charged at our prevailing daily rate until the contract ends. Our contract allows our customers the flexibility of choosing how many gallons they want to lock in, but requires the customer to be on automatic delivery until the end of the contract, even after the locked in gallons have all been delivered. If you wish to terminate automatic deliveries after the contract has expired, you need to do so in writing, or by e-mail.
Are fixed price programs always a good deal for the customer?
No, not always. It is very unrealistic to expect that your locked-in rate will always be lower than the daily rate every single day of your contract term.
Why should I consider a price program?
If you fear that prices will rise, and you cannot tolerate the risk of rising prices for heating oil next year, you should consider a program.
What happens if I have a credit balance on my account when the contract expires?
First of all, that is your money. You can request a refund, provided all of your service and oil bills have been paid. You may leave it on your account, and future deliveries will be charged against the credit balance at our daily rate until another contract is signed.
What happens if oil prices fall during the term of the contract?
Locked-in customers will continue to pay the rate that they agreed upon until the contract expires. That is what "locked-in" means. Customers who purchase Downside Protection will be entitled to some relief in some cases if prices fall to low enough levels.
What happens to the Pricemax deposit of $250.00?
We post that money to your account as a deposit, and apply it to your first delivery made after March.
What does "the programs have limited availability" mean?
It means that at any time, without notice, Jamie Oil may modify, change or withdraw any or all of our fixed price programs that we offer. Once the contract is signed, however, we fully intend to honor our commitments to our customer. Just as a bank reserves the right to adjust the mortgage rates they offer, we can change the price, terms or availability of our fixed price programs. Oil prices often change more in half an hour than real estate values, interest rates, and the stock market move in one year. Iraq's invasion of Kuwait in 1990 made the price of oil go up $ .30 per gallon in a matter of minutes. It is possible that the prices we offer on August 1st may not be available on September 10th to those who fail to sign and return the contract.
Last year, my neighbor had a lower lock-in rate than I had. Why?
Prices change every day. It is common for prices to go up or down $ .08 - $ .10 in a half hour. A customer who calls in the afternoon may get quoted a different price than one that had called that same morning. The price on each program is different.