For Immediate Release

Contact: Ian Burnes, 287-8927

February 25, 2008

For Immediate Release                                                                   Contact: Ian Burnes
February 25, 2008                                                                                              287-8927

Heating Fuel Prices Rise 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 up by $.09 since the last week at $3.37 per gallon and $1.02 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 3.10 per gallon was found in the Southwestern region.  The high-end price of $3.50 per gallon was in found in the Eastern and Central regions. The price of WTI crude oil has climbed to $98.96 per barrel. This is a major driver of refined product prices, including heating oil. As of February 15, New England (PADD1a) heating oil inventories stood at 8,926 thousand barrels, or 1033 thousand barrels more than last year at this time.  The table below provides current Maine cash prices in dollars rounded to the nearest penny.

As Of February 25,  2008

The statewide kerosene price average is up by $0.09 since last week at $3.78 per gallon and $1.03 higher than last year at this time. Today’s propane price survey found the statewide average to be $2.97 per gallon which is $0.03  more  than last week and $0.43 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.

In the past week the crude oil market broke records by closing above 100 a barrel for the first time. The unrelenting demand for oil from countries like China and India has overshadowed the lag in US demand due to the economic slow down and driven prices to these levels. The Chinese demand for middle distillates, like heating oil and diesel is especially strong and puts even more pressure on these products. 

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