Heating Oil Prices Continue to Rise

October 15, 2012

Augusta, Maine – The Governor’s Energy Office (GEO) is conducting its weekly fuel price survey for this year’s heating season.. On Monday, October 15, 2012, the current statewide average cash price for No. 2 heating oil is $3.75 per gallon, a 5 cent increase from last week’s price survey, and 25 cents higher than the same time last year. Prices for propane in quantities used for heating are 2 cents less than last week, and 45 cents lower than a year ago.

According to an article published in yesterday’s Maine Sunday Telegram, the state’s heating season has grown milder over the past century. The Telegram used data from the National Climatic Data Center to track heating degree days during the October – April period each year for the past 115 years. Exceptions to the warming trend over the past decade were noted in 2003 and 2009. (See: http://www.kjonline.com/news/maine-winters-growing-milder_2012-10-13.html .) 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 $27.04. This compares with an equivalent heating unit value for natural gas of $17.00 (at $1.70/therm); propane, $28.91 (at $2.65/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 15, 2012


Heating Oil

Statewide

Southwest

Central

Eastern

Western

Northern

Average

3.75

3.69

3.76

3.78

3.72

3.86

High

3.92

3.80

3.80

3.89

3.92

3.90

Low

3.60

3.60

3.65

3.60

3.60

3.85

Kerosene

4.19

4.17

4.18

4.20

4.17

4.26

  Propane

2.64

 

 

 

 

 

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 $3.60 per gallon was recorded in 3 regions of the state. The highest price of $3.92 per gallon was reported in the Western region. The statewide kerosene price average is $4.19 per gallon, up 5 cents from last week. The statewide average for propane based on a use of at least 900 gallons a year is at $2.64 per gallon, a 2 cent decrease 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