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Heating Oil Prices Trending Upward
October 2, 2012
Augusta, Maine – The Governor’s Energy Office (GEO) is conducting its weekly fuel price survey for this year’s heating season. On Tuesday, October 2, 2012, the current statewide average cash price for No. 2 heating oil is $3.68 per gallon, a 9 cent increase from our last price survey of August 29.
Heating oil price increases are tracking the increased crude oil prices that started to escalate this summer from a low of $79 per barrel in late June to a current high of $92 per barrel. Compared to natural gas on a heating value basis, Number 2 Fuel Oil is at $23 per million Btu vrs. Natural gas at $3.19 per million Btu While it’s difficult to predict where prices will go this heating season, in mid-October the US Energy Information Administration ( http://www.eia.gov/ ) publishes its winter fuels outlook report. According to a draft of that report, EIA is projecting that heating oil prices will be 4% lower this year compared to last year (US average October-March), while propane prices could be up to 19% lower. However, these projected price decreases could be offset by colder temperatures this heating season. According to the National Oceanic and Atmospheric Administration (NOAA, September 2011) the winter 2012/13 heating season is forecasted to be 18% colder than last winter. The Governor’s Energy Office has a calculator on its web site that allows consumers to estimate home heating costs and price impacts of various energy sources, including propane, wood pellets and natural gas. (See: http://www.maine.gov/energy/index.html )
As of October 2, 2012
Heating Oil |
Statewide |
Southwest |
Central |
Eastern |
Western |
Northern |
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Average |
3.68 |
3.62 |
3.69 |
3.73 |
3.63 |
3.84 |
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High |
3.86 |
3.75 |
3.80 |
3.86 |
3.70 |
3.85 |
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Low |
3.41 |
3.41 |
3.60 |
3.60 |
3.49 |
3.80 |
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Kerosene |
4.10 |
4.10 |
4.08 |
4.12 |
3.97 |
4.24 |
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Propane |
2.64 |
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It is important to note that the price for heating oil is a statewide average and that prices in a given geographic region of the state may be considerably higher or lower than the statewide average. Within the Energy Office sample, the lowest actual heating oil price of $3.40 per gallon can be found in the Southwest region. The highest price of $3.84 per gallon was reported in the Northern region. The statewide kerosene price average is $4.10 per gallon, up 9 cents from August. The statewide average for propane based on a use of 925 gallons a year continues to show a downward trend dropping to $2.64 per gallon, a 6 cent decline from August, and an 18 cent decline from June . The table above provides current Maine cash prices in dollars rounded to the nearest penny.
For Immediate Release
Contact:
Kenneth Fletcher
(207) 624-7405
kenneth.c.fletcher@maine.gov
