Dec. 12 (Bloomberg) -- Heating-oil dealers in the U.S. Northeast have more than $100 million in unpaid bills from residential and business customers after fuel prices rose to a record, a consumer-debt service found.

The money is owed by customers in New York, Connecticut, Maryland, New Hampshire and Pennsylvania, according to data from Oil Well, a service provided by Rosyln Heights, New York-based Risk Assessment Data LLC. The debt, which piled up after home heating oil soared to a record last winter, comes as homeowners and businesses cope with recession and the highest unemployment level since 1993.

“People will sooner pay their revolving-credit debt that is ranked in credit-reporting agencies and that affects their credit directly,” Larry Smith, owner of closely held Risk Assessment, said yesterday in an interview. “There is no immediate consequence for not paying your oil bill. Oil bills are not consumers’ top priority.”

The figures reflect debt owed to 70 oil dealers that subscribe to the Oil Well service.

In March, residential heating oil rose to an average $3.85 a gallon, according to the U.S. Energy Department, the highest since it began tracking prices in 1990. The department only reports prices during the winter heating season.

Heating-oil futures traded on the New York Mercantile Exchange, which touched a record $4.1586 a gallon on July 11 as oil prices soared, have since fallen 65 percent to about $1.47.

That may encourage some delinquent heating-oil customers to switch distributors to get out from under their debt, Smith said.

Oil Well alerts fuel distributors when delinquent customers seek to jump to another dealer to escape their debt or avoid paying cancellation fees after locking in prices at higher levels, Smith said.

To contact the reporter on this story: Jordan Burke in New York at jburke29@bloomberg.net.

Last Updated: December 12, 2008 06:44 EST