Energy Watch
For a big-picture look at energy issues affecting Maine’s economy, check out our annual focus on Energy and Utilities, starting on page 32. But with oil prices constantly in flux, and the winter heating season looming, energy issues keep cropping up in the headlines. Here’s a rundown of the most recent developments:
Energy experts are warning state legislators that energy aid from both state and federal sources will fall short, according to Capitol News Service. Maine is expected to receive $415 a household in the Low Income Home Energy Assistance Program — not enough to meet this year’s increased number of applications to LIHEAP. A legislative energy task force began meeting last month, but said any new moves to help consumers likely won’t happen until the new Legislature convenes in early December, according to the Associated Press.
The state’s budget hole could get deeper if oil prices stay above the $100 a barrel mark, according to State House News Service. The Baldacci administration in February predicted a $400 million budget deficit for next year, but that was based on a projected oil price of $78 a barrel this summer. Oil prices have stayed well over that all spring and summer, dropping to a five-month low of $109 a barrel in early September, as this issue of Mainebiz went to press. The state’s Revenue Forecasting Committee is slated to meet in November to revise its projections.
And no matter how gas prices fluctuate, the 126 employees at Back Cove Yachts in Rockland and 160 employees at Sabre Yachts in Richmond are spending only $3 a gallon for their daily commutes. The sister companies agreed to reimburse employees for their cost of gas over the $3 threshold, according to VillageSoup. The companies also gave each of their employees an additional $200 to help pay for winter heating costs.
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