Kosco, one of the areas largest fuel supply companies, has seen its stock change hands, but according to vice president Barry Motzkin, whose family had purchased the business in the 1950s, its name and operations will not change at all. “The stock of KOSCO was purchased, not by Paraco, and as far as we’re concerned, there are no changes in operations,” said Motzkin, this week. “Some of the principals of Paraco were involved in the stock purchase,” he acknowledged. Paraco Gas is a propane company serving residential and commercial customers in New York, Connecticut, and Pennsylvania, based in Purchase, NY, according to its website.
The stock of the company was owned by Lukoil of North America, according to its website, “the biggest Russian privately owned oil company with $141 billion revenue and net income in excess of $7 billion…” Motzkin was asked if Russia’s economic problems and international sanctions against it were a factor in the selling of the stock. “You read the news,” he said.
Motzkin stressed the continuity in Kosco’s operations. “There is no intention to change the name of the company. That dates back into the 1940s. Our family purchased it in 1956. It’s remaining as it was. Same recognition, same name brand. I’ve been here since 1983 and my brother David since 1981. Many of the employees have been here for 20-30 years. To me this transition is a very good transition. We’re looking forward to increasing our products and services, and looking forward to continuing to offer the same level of services and prices.”
Below statewide average price
Speaking of prices, Kosco’s website lists its price of fuel oil at $2.99.9 per gallon on February 4. That’s a couple of cents lower than the statewide average of $3.02.2, according to NYSERDA’s website. Kerosene is currently at $3.49.9 per gallon and propane pricing is based on a customer’s estimated annual usage.
Motzkin sees the prices currently in the market as a “very positive thing for consumers.” He did say that the prices of oil were up 20 cents in the past few days. “You’ll start to see it at the pump. It might have hit the bottom. I think the next couple of weeks will be a good indication of where it’s going to go. There’s an overall weakness in the market. It’s driven by world economies, the price of the dollar. I’d like to see it continue to be in this area or lower. That’s important to our consumers. When you look directionally, this is a big move. It’s not uncommon, every number of years you’ll get a correction in the market.”
Has the weather affected the market? “It didn’t start off cold, December was warmer than normal. January was actually colder than last year,” he said. “But it’s a similar pattern to last year, an extended cold spell, and every few days bringing in moisture. They predicted a similar winter to last year. It’s been pretty accurate so far.”