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Heating Oil Prices Decline Again, but Remain Close to Record High Levels
March 6, 2013
Augusta, Maine – The Governor’s Energy Office (GEO) conducted its weekly heating fuel price survey on Monday, March 4, 2013, and found the current statewide average cash price for No. 2 heating oil to be $3.78 per gallon, down five cents from last week’s price survey, and down 7 cents from two weeks ago. The average kerosene price also fell five cents, to $4.25 per gallon. Propane prices followed the same trend, declining 6 cents from last week, to $2.76 per gallon.
Below is a graph of home heating oil prices this season, illustrating the steep rise in January and February, and, in recent days, a small decline.
Once again, this recent price drop can be attributed to events outside of the United States. According to Bloomberg News, WTI crude oil dropped below $90 per barrel for the first time this year, due to reports of slower economic growth in China. http://www.bloomberg.com/news/print/2013-03-04/oil-fluctuates-as-china-services-industries-growth-slows.html On Monday, prices closed at just above the $90 dollar mark, at $90.12 per barrel. This is almost three dollars lower than a week ago, and $16.58 lower than last year. http://www.eia.gov/ . China’s loss is Maine’s gain, as it will cost a little less to fill up your heating oil tank this week.
Using this week’s average heating oil price ($2.78) and converting to a common heating unit value (million Btu), the price of fuel oil is $27.25. This compares with an equivalent heating unit value for natural gas of $17.00 (at $1.70/therm); propane, $29.78 (at $2.72/gallon); wood pellets, $14.48 (at $239/ton); cord wood, $10.50 (at $210/cord) and electricity, $43.96 (at 15 cents per kwh). The electricity cost is for traditional baseboard heat. Electric heat pumps, a recent technological advancement, are much more efficient, so total energy costs are lower than oil, kerosene, or propane.
The 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 . Efficiency Maine Trust also has an interesting chart homeowners can use to compare costs of specific heating options http://www.efficiencymaine.com/pace/compare-heating-options.
Efficiency Maine links Maine homeowners and businesses with qualified, certified contractors who provide access to energy improvement options. For program details call 866-376-2463 or visit www.efficiencymaine.com.
As of March 4, 2013
Heating Oil |
Statewide |
Southwest |
Central |
Eastern |
Western |
Northern |
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Average |
3.78 |
3.72 |
3.85 |
3.79 |
3.74 |
3.89 |
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High |
3.97 |
3.95 |
3.97 |
3.95 |
3.85 |
3.95 |
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Low |
3.50 |
3.50 |
3.65 |
3.50 |
3.53 |
3.85 |
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Kerosene |
4.25 |
4.23 |
4.32 |
4.22 |
4.20 |
4.30 |
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Propane |
2.76 |
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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 this average. Within the Energy Office sample, the lowest actual heating oil price of $3.50 per gallon was recorded in two regions of the state. Likewise, the highest price of $3.97 per gallon was reported in only one region. Also, the statewide average price for propane is based on a use of at least 900 gallons a year. Households using propane just for cooking or hot water may pay a higher per gallon price. The table above provides current Maine cash prices in dollars rounded to the nearest penny.
For Immediate Release
Contact:
Lisa Smith
(207) 624-7445
lisa.j.smith@maine.gov
