PORTLAND, Maine — The statewide average price for a gallon of heating oil in Maine hit $2 last week, dropping 5 cents over the last two weeks to the lowest price in a decade.
The Governor’s Energy Office said in its latest pricing survey that heating fuels, including No. 2 heating oil, propane and kerosene, are at about the lowest levels in recent years.
The energy office has tracked heating oil since 2004, propane since 2010 and kerosene since 2009.
“These are some of the lowest heating fuel prices Maine has experienced at this time of year,” the energy office said in its latest survey.
[tableau server=”public.tableau.com” workbook=”No_2heatingfuelprice” view=”No2fuel?:showVizHome=no” tabs=”no” toolbar=”yes” revert=”” refresh=”” linktarget=”” width=”100%” height=”350px”][/tableau]
Approximately 60 percent of Maine homes use No. 2 oil for winter heating.
Crude oil prices are the main factor in the drop in heating fuel costs this year, with U.S. and European benchmark prices at around $40 per barrel, or less than half of high prices hit in the summer of 2014.
Converted into common units of energy, heating oil was cheaper than the statewide average price for all other fuels except cordwood, though such comparisons make assumptions about how much energy a heating system can generate from that fuel.
“Fuel-only prices are only part of the calculation when determining which fuel will save you more this heating season,” the energy office stated. “The type of heating system, as well as its efficiency, needs to be factored into the estimate.”
Statewide, the highest price for No. 2 oil was recorded in the eastern part of the state, at $2.34 per gallon Monday, Nov. 23. The lowest price of $1.66 per gallon was recorded in all but the central part of the state.
The statewide average price is for a home using at least 900 gallons per year.