January 14, 2016
Heating oil prices continue downward slide
The Governor’s Energy Office said the downward trend for the cost of heating fuel prices continues as the statewide average cost of No. 2 heating oil has dropped to $1.81 per gallon, down an additional 2 cents over the last two weeks.
In addition to this drop, the average statewide cost of kerosene has also decreased 2 cents to $2.42 per gallon, while the statewide propane price increased a penny to $2.22 a gallon.
Many factors are contributing to this drop in costs, according to the report, however the main driving force is that since 2014 global oil production has continued to exceed demand and isn’t expected to align until after the end of the 2016 Maine heating season.
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