Heating oil prices in Maine have gone up by around 30% since the start of the Iran conflict, according to the latest weekly data from the Maine Department of Energy Resources.
Heating oil prices jumped to a statewide average of $4.97 per gallon on March 16, up from $3.82 on February 23, according to the agency’s findings. Kerosene prices reached $5.87 per gallon on March 16.
Based on a standard 275-gallon oil tank, homeowners are now estimated to pay $316 more to fill their tank to capacity than they would have on Feb. 23.
The conflict began on Feb. 28, when the United States and Israel launched airstrikes against Iran, with escalating tensions and attacks on Persian Gulf energy infrastructure sparking higher gas and oil prices and fueling fears of lasting economic disruption.
Brent crude oil futures climbed back towards $110 per barrel on Friday, the highest since 2022, while the average U.S. gas price rose to $3.91 a gallon – up from $3.63 a week ago. In Maine, the average price climbed to $3.73 on Friday from $$3.49 a week ago.
“As conflicts abroad continue to drive energy prices higher, Maine families are once again feeling the impact — a direct result of our dependence on foreign oil,” said Dan Burgess, acting commissioner of the Maine Department of Energy Resources. “
With rising costs and more cold weather on the way, the agency is urging consumers to stay informed of current fuel prices, review incentive options through Efficiency Maine and to contact their Community Action Agency if they need immediate relief, he added.
Maine consumers consume more residential heating oil per capita than any other U.S. state and significantly more than elsewhere in New England. Around half of all Maine households rely on fuel oil as their primary heat source, although that figure has declined steadily from 70% in 2010, according to the department.
