Heating fuel prices trending upward
The current statewide average cash price for No. 2 heating oil was $2.15 per gallon, up 5.4% or 11 cents over the last two weeks, according to the Governor’s Energy Office’s latest weekly heating fuel price survey, which was conducted on Dec. 12.
The average statewide kerosene and propane prices also increased over the last couple of weeks, the office reported.
The average statewide kerosene price increased 3.9% or 10 cents and is now at $2.66 per gallon. The average propane price is also up, but not as much as oil and K-1: Its average statewide price for heating customers is now $2.35 per gallon, 1.7% or four cents higher than two weeks ago.
The price for heating oil is a statewide average; prices in a given geographic region of the state may be considerably higher or lower than this average.
Within the energy office’s Dec. 12 sample, the highest heating oil price found was $2.45 per gallon and the lowest was $1.86 per gallon. Also, the statewide average price for propane is based on consumption of at least 900 gallons a year. Households using propane just for cooking or hot water generally pay a higher per gallon price.
Volatility in world markets
On Nov. 30, the Organization of Petroleum Exporting Countries announced it would cut overall production to 32.5 million barrels a day, which is 1 million barrels less than current production.
“It is clear that prices are volatile, and Mainers are particularly exposed to this volatility, due to our high reliance on oil for heating and transportation,” the Governor’s Energy Office said in a statement accompanying the latest survey.
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