I am from Presque Isle, Maine where, during the winter, temperatures drop low (usually between 0-32ºF [it has reached - 30ºF at the coldest time]) over what can be about four months or more (the snow can last, starting late October to early November, and melts around April to early May at the latest). For such long-term cold temperatures, my family has considered the cost of various methods to heat the house, and for the last decade, we have used wood (having oil for backup). The reason for this is the cost comparison. A winter with just the use of oil for fuel would at minimum take up three tanks (although four is likely), and each tank of fuel cost about $1200. As for the alternative, we use about six cords (a unit of measurement for wood) each winter. Originally, we would have the wood delivered at log length, which would cost $120 for each cord. However, other factors increase the cost, such as $100 for chains and fuel for equipment to cut the wood along with a minimum of 30 hours of labor (Not to mention that our house did not originally have a wood stove, so we spent money and labor to build a stove and continue to maintain it). Currently, we have wood delivered split, which costs $235 for each cord, then we take the time to stack it. Another alternative is pellets, a method that my grandmother uses. Three to four tons of pellets usually last a winter; each ton costs about $250.
As far as the benefits of wood for fuel (for the economic context of Presque Isle), the cost is far better than our previous method, saving thousands. I have heard some argue that wood stoves produce better quality heat; this may also relate to the atmosphere that the wood stove brings to the house. However, more labor and time are involved with wood, while others argue the unhealthy nature of its emissions for the environment. At the same time, while oil is expensive, some argue that it is a cleaner method for the environment. Yet, from another perspective, the fracking from which this fuel is harvested also causes unhealthy emissions.