Heating Fuel Prices

For Immediate Release

Contact: Ian Burnes, 287-8927

June 23 , 2008

For Immediate Release                                             Contact: Ian Burnes
June 23, 2008                                                                                287-8927

Heating Fuel Prices Stay the Same

Augusta--- The Governor’s Office of Energy Independence and Security (OEIS) conducted the bi-weekly summer oil survey and has found that the current statewide average cash price for No. 2 heating oil to be at $4.60 per gallon.       

Commenting on the sustained high prices the Director of the OEIS John Kerry says “In the short term, the best strategy Maine households and business have to reduce the financial burden caused by these prices is invest in energy efficiency measures. Maine energy consumers should take immediate steps to adjust to a rapidly changing global energy market. We need to change our fossil fuel dependent culture and to a sustainable energy culture.  The continuing increase in the price of petroleum products is due to many factors; one the increase in world wide demand in oil especially from rapidly developing countries such as China and India; two the depreciation of the values of the us dollar; three the geopolitical problems in the Mideast and Africa; four the commodities speculators around the world; five the oil production decisions of OPEC, and six the continuing decline in production from non-OPEC oil supplies.”

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 $4.19 per gallon was found in the Southwestern region.  The high-end price of $4.85 per gallon was also found in the Eastern region. The price of WTI crude oil, major driver of refined product prices, including heating oil closed at 137.40 per barrel. The statewide kerosene price average is $5.00 per gallon at this time. The table below provides current Maine cash prices in dollars rounded to the nearest penny.

As Of June 23,  2008

For assistance please contact MaineHousing about their Home Energy Loan Program (HELP) that provides low interest rate loans of up to $30,000 to low- and moderate-income homeowners to finance a wide variety of energy-related improvements to their homes. For program details and a list of HELP lenders visit MaineHousing’s website at www.mainehousing.org or call 1-877-544-3271.
 Many projects funded through this program save more money through the improvements then the loan payments they have to make. Businesses should take advantage of Efficiency Maine’s small business loan program to make energy upgrades: http://www.efficiencymaine.com/business_programs.htm
The next scheduled survey will be on Monday, July 7th.