Heating Oil Prices Trending Upward

October 9, 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 9, 2012, the current statewide average cash price for No. 2 heating oil is $3.70 per gallon, a 2 cent increase from last week’s price survey, and 26 cents higher than the same time last year. Prices for propane in quantities used for heating are up slightly from last week, but are 39 cents lower than a year ago.

Bloomberg news reported that crude oil prices for November delivery increased $3.06 to $92.39 per barrel on the New York Mercantile Exchange. Using this week’s average heating oil price and converting to a common heating unit value (million Btu) the price of fuel oil is at $26.68. This compares with an equivalent heating unit value for natural gas of $17.00 (at $1.70/therm); propane, $29.45 (at $2.69/gallon); wood pellets, $14.30 (at $236/ton); and cord wood, $10.50 (at $210/cord). GEO has a calculator on its web site that allows consumers to estimate home heating costs and price impacts of various energy sources. See http://www.maine.gov/energy/index.html

As of October 9, 2012


Heating Oil

Statewide

Southwest

Central

Eastern

Western

Northern

Average

3.70

3.63

3.69

3.74

3.68

3.86

High

3.93

3.75

3.80

3.93

3.75

3.90

Low

3.50

3.50

3.60

3.50

3.50

3.85

Kerosene

4.14

4.10

4.12

4.15

4.13

4.26

  Propane

2.69

 

 

 

 

 

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 $3.50 per gallon was recorded in 3 regions of the state. The highest price of $3.93 per gallon was reported in the Eastern region. The statewide kerosene price average is $4.14 per gallon, up 4 cents from last week. The statewide average for propane based on a use of 925 gallons a year is at $2.69 per gallon, a 3 cent increase from last week. The table above provides current Maine cash prices in dollars rounded to the nearest penny.

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For Immediate Release

Contact:
Kenneth Fletcher
(207) 624-7405
kenneth.c.fletcher@maine.gov