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Heating oil produces 138,500 British thermal units per US gallon (38.6 MJ/l) and weighs 8.2 pounds per US gallon (0.95 kg/l). Number 2 fuel oil has a flash point of 52 Â°C (126 Â°F). Most heating oil products are chemically very similar to diesel fuel used as motor fuel.
Conventional House. Letâs start with your conventional house heated with an oil-fired central heating system. The average annual heating cost is $2,491! 1  The average New England home uses 855 gallons of oil a year for heat.# 2 2 Heating Oil has a net heating value of 115,000 BTUs per gallon, and generates 98.3 M BTUs.3  In 2010, the average price of a gallon of heating oil was $2.91.he average annual heating cost is $2,491! 1  The average New England home uses 855 gallons of oil a year for heat. # 2 2 Heating Oil has a net heating value of 115,000 BTUs per gallon, and generates 98.3 M BTUs.