For Immediate Release

Contact: Ian Burnes, 287-8927

January 28, 2008

For Immediate Release                                                                   Contact: Ian Burnes
January 28, 2008                                                                                                287-8927

Heating Fuel Prices Drop Again

Augusta--- The Office of Energy Independence and Security (OEIS) survey of home heating oil prices today found the current statewide average cash price for No. 2 heating oil to be down by $.08 since the last week at $3.22  per gallon and $1.00 higher than last year at this time. 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 OEIS sample, the lowest actual heating oil price of 2.29 per gallon was found in the Southwest region.  The high-end price of $3.44 per gallon was in found in the Eastern region.  The price of WTI crude oil is nearly the same as last week at $90.49 per barrel. This is a major driver of refined product prices, including heating oil. As of January 18, New England (PADD1a) heating oil inventories stood at 9,607 thousand barrels, or 2,032 thousand barrels less than last year at this time.  The table below provides current Maine cash prices in dollars rounded to the nearest penny.

As Of January 28,  2008

The statewide kerosene price average is down by $0.05 since last week at $3.64 per gallon and $1.01 higher than last year at this time. Today’s propane price survey found the statewide average to be $2.96 per gallon which is $0.01 lower than last week and $0.61 higher than last year at this time. This average price for propane represents the price per gallon for a 600-800 gallon domestic heating application.

Inventories of heating oil continued to rise and consumers are seeing the benefit in lower prices. Fears of a slowing economy have driven down crude oil prices, but the simultaneous drop in the dollar has lower the us consumers power to purchase oil in a global market place.

Maine’s energy information website at www.maineenergyinfo.com provides energy saving tips for homeowners, including expected costs and paybacks. Simple energy conservation steps can save hundreds of dollars this year in energy bills. For more information about the Maine Home Performance with Energy Star whole house energy efficiency program, visit www.mainehomeperformance.org