The price of heating oil in Maine hit a new record high of $6.04 per gallon this week.
That’s according to a survey by the Maine Department of Energy Resources, which found that the price peaked on Oct. 19, at an 83% increase from a year earlier.
Last week, the average price for a gallon of heating oil stood at $5.97 in Maine, down slightly from last month’s record high of $6.02.
“Based on a standard 275-gallon oil tank, residents are now estimated to pay approximately $750 more to fill their tank to capacity than they would have one year ago, prior to the start of the Iran conflict,” the state agency said on Thursday.
The cost may come down after the Trump administration this week tapped into the Northeast heating oil reserves for only the second time in history.
The U.S. Department of Energy believes the release of roughly 315,000 barrels, or 13.2 million gallons, will “put downward pressure on home heating oil costs and make a real difference for Maine homeowners as they prepare for winter,” said U.S. Sen. Susan Collins, who lobbied with Sen. Angus King for the release of the reserves.
High heating oil prices are especially bad for Maine, which uses more residential heating oil per capita than any other U.S. state. Roughly half of all Maine households use oil as their primary heat source, according to the Department of Energy Resources.
The agency noted that the percentage has dropped since 2010 when 70% relied on oil.
BDN writer Christopher Burns contributed reporting.
